MidCap Business Credit closed on an $12,000,000 senior secured credit facility for a manufacturer and assembler of mattresses and foundations. The asset- based credit facility is comprised of a working capital line of credit with advances against accounts receivable and inventory and a machinery and equipment term loan.
The opportunity was sourced out of MidCap’s office located in West Hartford, CT. Seth Cooper, Senior Vice President of MidCap said, “We were able to provide the company with the additional liquidity they required against their equipment, which will allow them to execute on their strategic plan and support their growth”.
MidCap provides asset-based credit facilities to lower and middle market businesses nationwide, who have borrowing requirements from $2MM to $20MM.