Eclipse Business Capital Provides $40 Million M&E Term Loan and Upsizes Revolver for Existing Client in Steel Industry
Chicago, IL – December 20th, 2022 – Eclipse Business Capital LLC (“EBC”) announced today that it has provided a $40 million M&E term loan facility to an existing customer in the steel industry. In conjunction with the term loan, EBC increased the company’s revolving credit facility by $25 million from $125 million to $150 million. The initial revolving credit facility transaction was closed in April of 2022.
The credit facilities are secured by accounts receivable, inventory, and machinery and equipment. The proceeds will be used to refinance an existing term loan facility and support the company’s reinvestment in its manufacturing plants.
Originally founded in 2016, EBC is one of the country’s leading independent asset-based lending platforms targeting both privately owned and publicly traded companies across a wide range of industries. The firm provides revolving lines of credit and term loans ranging in size from $10 – $200 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Since it was established, EBC has underwritten more than 85 transactions totaling over $3.30 billion in aggregate credit facilities. EBC has an experienced team of 45 professionals, located in Chicago, Boston, New York, Connecticut, Los Angeles, San Francisco, Houston, Dallas, Charlotte, and Fort Lauderdale and provides financing to middle-market borrowers in the U.S. and Canada.