Siena Lending Group (“SLG”) announced the closing of a servicing arrangement with Tenax Credit Opportunities Fund Ireland Limited (“Tenax”), in regards to a $10 million U.S. ABL facility. SLG worked closely with Tenax prior to closing to select the due diligence team, provide diligence scope of work, and review and comment on all diligence work products.

Additionally, Siena recommended overall structural changes, provided key monitoring metrics, recommended advantageous changes to the borrowing base, helped navigate through cash management and collateral access agreement issues, recommended required reporting, discussed US bankruptcy issues and concerns from a business perspective, and discussed and evaluated the exit strategies. Post-closing, SLG is providing its servicing platform to help Tenax monitor the borrower and collateral performance on a constant basis, which includes review of the borrowing base, testing covenants, reviewing financial and performance metrics, arranging and reviewing ongoing field examinations and appraisals, and updating exit strategies.

 David Grende, CEO of Siena, said, “We are delighted to work with Tenax and add value at both the front end and as their ongoing servicer throughout the term of the transaction. We are looking forward to continuing to build a long term relationship covering many transactions. This relationship highlights the broad reach of our servicing platform, which extends beyond community and regional banks.” 

Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.