The Investors Bank Asset Based Lending Group (ABL) recently originated revolving credit facilities with two middle-market companies located in New York.
 
Both borrowers, Bernardaud N.A. Inc. and Bektrom Foods, Inc., plan to use the funds for their general corporate purposes and ongoing working capital needs.
 
Investors Bank provided Bernardaud N.A. with a $5.3 million revolving line of credit. The company imports and distributes fine Limoges, porcelain tableware and home décor accessories sold by boutique stores and major retailers. The fine tableware is also purchased by leading restaurants, hotels and corporate dining rooms.
 
The Bank’s lending team also completed a senior revolving line of credit with Bektrom Foods. The company produces and distributes a range of dry grocery products including baking mixes, oatmeal, skillet dinners, pasta sides and more. The company’s house brands as well as private label and licensed products are sold at dollar stores, supermarket chains and wholesale food suppliers.          
 
In announcing the lending transactions, Investors Bank ABL Group Senior Vice President and Director of Business Development Joseph DeVito said, “Each of the companies has a great reputation in its market, and their operations are well-managed. Each business wanted a high functioning relationship with a bank that had the flexibility, resources and capabilities to meet their financing needs. We listened carefully to each business’s plans and then structured the revolving credit agreement that fulfilled their current as well as near-future capital requirements.”