Empowering Growth: White Oak’s $120 Million Credit Facility
Empowering Growth with Strategic Financing
White Oak Commercial Finance, LLC, which is part of White Oak Global Advisors, has recently completed a significant financing arrangement with Sauder Woodworking. This new $120 million Senior Secured Credit Facility is set for a term of three years, allowing Sauder Woodworking to navigate its financial needs while pursuing exciting new growth opportunities. As a well-known manufacturer and distributor of ready-to-assemble furniture, Sauder’s collaboration with White Oak reflects a strong understanding of the unique challenges and opportunities within the furniture industry.
Details of the Credit Facility
The credit facility is structured as a $120 million asset-based revolving line of credit. This innovative financing solution is backed by both US and Canadian loan parties, which adds robustness to the funding strategy. The borrowing base is further enhanced by advances on key assets, including accounts receivable (A/R), inventory, machinery and equipment (M&E), and real estate. This diverse collateral base illustrates the thorough approach that White Oak takes in providing financial solutions tailored to their clients.
Supporting Growth and Refinancing Needs
With the proceeds of the credit facility, Sauder Woodworking is poised to refinance its existing bank debt. This aspect of financing is crucial as it not only alleviates financial pressure but also opens doors for working capital growth. The ability to refinance existing obligations while simultaneously addressing new capital requirements marks a strategic advancement for Sauder, positioning the company for future success.
Perspectives from Leadership
Kevin Cox, the Head of Capital Markets at White Oak Commercial Finance, emphasized the value of their solutions for family-owned businesses like Sauder. He stated, “White Oak's ability to deliver creative solutions to maximize borrowing capacity proves to be a perfect fit for this financing opportunity.” This sentiment highlights White Oak’s commitment to understanding the needs of middle-market companies and delivering bespoke financing solutions that foster growth.
Additionally, Tom Otte, CEO of White Oak, expressed admiration for Sauder’s leadership. He commented on the importance of providing a comprehensive asset-based lending solution, which would empower Sauder with the liquidity needed to sustain its positive business momentum.
A Vision for the Future
Kevin Sauder, President and CEO of Sauder Woodworking, shared insights into the strategic advantages this credit facility brings to the company. He articulated that this facility not only enhances financial flexibility but also provides essential capital to leverage growth opportunities effectively. Sauder's commitment to building on a legacy of over 90 years is strengthened through the partnership with White Oak.
White Oak’s Role in Financial Solutions
White Oak Commercial Finance is recognized as a leader in offering diverse financial solutions such as asset-based lending, factoring, and inventory financing among others. Their ongoing efforts have facilitated over $11 billion in financing since inception, which speaks volumes about their experience and reliability in the industry.
With an expansive footprint across the US and Australia, White Oak provides a wide range of lending products, catering to the varied needs of businesses. Their multi-faceted approach exemplifies their capability to devise innovative solutions aimed at supporting growth in an ever-evolving marketplace.
Frequently Asked Questions
What is the purpose of the $120 million credit facility?
The credit facility provides Sauder Woodworking with financial flexibility to refinance existing debt and support working capital growth.
Who arranged the credit facility for Sauder Woodworking?
White Oak Commercial Finance acted as the Sole Arranger and Bookrunner for the $120 million credit facility.
What type of assets back the credit facility?
The credit facility is backed by advances on accounts receivable, inventory, machinery and equipment, and real estate.
How will this credit facility impact Sauder Woodworking?
This financing will allow Sauder Woodworking to capitalize on growth opportunities while maintaining operational liquidity.
What are the services provided by White Oak Commercial Finance?
White Oak offers a range of financial solutions including asset-based lending, invoice discounting, and supply chain financing.
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