Combination $750M Senior Revolving Credit Facility & $250M Term Loan
The Client
The company designs, manufactures and markets fiberglass canopies, accessory products and nostalgia replica products. Its product line currently encompasses a broad range of fiberglass canopies customized as after-market accessories for tractors and similar equipment produced by the leading original equipment manufacturers, dealers and distributors. Its canopy molds are exclusively approved and encompass almost every tractor ever manufactured. The company also manufactures other products including: truck bed tops; golf cart bodies; and a line of nostalgic replica items such as clocks, display cases, ice chests, gas pumps.
The Situation
The company had a national presence and a history of long-term relationships with big-name customers. Due to the recent recession, sales decreased and the company experienced some setbacks. When market conditions improved, sales increased but outstanding debt and high interest loans incurred during the slowdown prevented the company from taking advantage of the opportunity to increase product lines and manufacturing. This cash flow challenge created constraints in fulfilling large orders and competing for new business.
The Solution
Through its vast network of lending partners, Business Capital was able to articulate their situation, and prove up their projections of dramatically increased profitability and get them working capital at a much lower cost. The new credit facility decreased their interest rate by 50%.
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