$18M asset-based revolver for specialty chemicals manufacturer.
The borrowing-base facility supports working capital and seasonal inventory needs for a privately-held coatings and adhesives manufacturer headquartered in Charlotte.
Steelbanc today announced the closing of an $18 million asset-based revolving credit facility with a privately-held specialty chemicals manufacturer headquartered in Charlotte, North Carolina. The borrower produces high-performance industrial coatings and structural adhesives for the building products and automotive aftermarket sectors.
The facility is structured as a borrowing-base revolver against eligible accounts receivable (advance rate 85 percent) and finished-goods inventory (advance rate 55 percent, subject to seasonal sub-limits). The borrower’s production cycle peaks in the second and third quarters, and the facility’s structure accommodates the seasonal draw pattern.
Steelbanc is sole lender and will conduct field examinations on a quarterly basis. The facility has a three-year tenor.
Steelbanc is a specialty commercial lender purpose-built for North American manufacturers. Founded in 2022 and headquartered in New York with an office in Chicago, the firm provides senior secured credit, equipment finance, and working capital facilities to mid-market industrial operators across the United States and Canada. Learn more at steelbanc.com.
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