CapitalSource announced that it has provided a US$95m revolving credit facility to SETECH, an integrated supply and inventory management services provider to manufacturers in diverse industries.
The proceeds were used to refinance SETECH's existing credit facility, facilitate the Company's repurchase of majority shareholder interests, provide excess capacity to accommodate future acquisitions and finance its working capital needs.
The unique structure of this asset-based loan gives SETECH a flexible and more cost-effective alternative to traditional Senior and Term B financing. In addition, CapitalSource was able to underwrite, close and fund the transaction within a month, enabling SETECH to take advantage of time-sensitive business opportunities.
