Republic Business Credit Provides $3.5 Million Facility to Fabricator
Republic refinances the client facility of a Gulf Coast regional bank while providing additional liquidity and retaining Treasury Management Services with referring bank
NEW ORLEANS, LA (PRWEB) JUNE 08, 2017- When a Gulf Coast Regional Bank sought an amicable exit, for a long-term fabrication and thermal maintenance customer, they called New Orleans headquartered Republic Business Credit to alleviate their special assets client, due to previous successful referral experiences.
In view of the previous slowdown in the energy sector, combined with the unpredictability of a growing business, Republic provided sufficient liquidity to fully implement their turnaround plan. As a result of the resurgence of the energy sector, the customer required additional short term support beyond their facility.
Republic provided the customer with a $3,500,000 working capital facility, without covenants, which allowed the bank to retain the equipment loan along with the treasury management services. Republic previously helped several of this bank’s customers and provided a seamless transition in a few weeks, to support their customer’s turnaround plan.
“Fabricators provide repair, maintenance and emergency support services, to refineries throughout the Gulf Coast region,” said Stewart Chesters, Chief Executive Officer of Republic. “As a commercial finance company, we are excited to support medium sized Gulf Coast businesses, that represent a large portion of the jobs throughout the region. Our strong relationships with regional lenders, allow us to support their turnaround customers, with timely and flexible working capital facilities.”
Republic Business Credit supports customers of banks across the United States, to create value, retain treasury management services so the customer can implement their turnaround plans and hopefully return to their commercial bank line of credit.