NewStar Business Credit announced that it has provided a senior secured credit facility totaling $15 million to Dongbu Daewoo Electronics America, Inc (“Daewoo”), a wholly-owned subsidiary of Dongbu Daewoo Electronics Korea.  Located in Doral, FL; Daewoo is the US distribution arm of its Korean parent company, which manufactures a range of household appliances, including washing machines, vacuum cleaners, microwave ovens, and refrigerators.  The revolving line of credit will be used to support ongoing working capital needs and provide capital for growth.

“Daewoo was very pleased with NewStar and the professionalism of their team. It was a “win-win” for us both.” said Michele Yoon, controller of Daewoo.

“We were pleased to have this unique opportunity to support Daewoo’s financing requirements in the US as we continue to expand our presence in the Southeast,” said NewStar EVP, Milton Iskra.  NewStar’s Steve Brown, an SVP located in Atlanta, GA, originated the transaction.

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $25 million.  Deal structures are flexible and tailored to meet each client’s unique needs.  Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.