Republic Business Credit Provides $6.0 Million Working Capital Facility to Shipyard
Republic replaces Northeast Bank to provide additional flexibility for a private equity sponsor located in the Southeast.
NEW ORLEANS, LA (PRWEB) OCTOBER 17, 2016 – When a southeastern Private Equity company sought refinancing for one of their portfolio companies, they set sail towards Republic Business Credit due to a previous successful client experience.
With the cyclical and large project nature of the shipyard business, they needed a flexible and covenant free solution that leveraged their receivables during seasonal periods. Additionally, the company evaluated prospective financiers based on their industry experience and holistic approach to understanding government contracts.
Republic provided the business with a $6.0 million receivables purchase line of credit facility without restrictive covenants of traditional senior debt, and provided supplemental call facilities that smoothed out their cash flow during the cyclical periods to the business.
“Shipyard’s provide marine and defense skilled employment opportunities and maintain strong ties to the communities they operate,” said Stewart Chesters, Chief Executive Officer of Republic. “As a commercial finance company, we are excited to support businesses that represent their respective communities and support our national defense efforts. Our strong relationships with capital providers allow us to support their portfolio companies with flexible working capital facilities.”
Republic Business Credit supports capital sponsors across the United States to create value, implement turnaround plans and growth successful businesses.