Bank of America Business Capital Provides $65 Million Asset-Based Loan to Midland Paper Company
Bank of America Business Capital, one of the world’s largest asset-based lenders, announced today (05 Jan 2009) that it provided a $65 million senior secured credit facility to Midland Paper Company. The asset-based loan was used to refinance existing debt and for working capital purposes. Bank of America is also providing Midland with letters of credit and treasury management services.
“We selected Bank of America Business Capital as our lender primarily because of its ability to hold the entire facility amount and to close within a very tight timeframe,” said Midland President and CEO E. Stanton Hooker. “This asset-based loan should provide the financial flexibility we’ll need to grow our sales in an industry down cycle.”
“Because of our familiarity with Midland and the paper industry, we delivered a creative financing solution which included a seasonal advance and provided the client with the liquidity to expand its product offerings,” said Bank of America Business Capital Central Division Executive John Mostofi. “This financing should give Midland the liquidity to strategically grow its market share during uncertain economic times.”
Based in Wheeling, IL, Midland Paper Company (www.midlandpaper.com) is one of the largest independent fine paper distributors in the United States. The company provides printing & imaging papers, publication papers, packaging supplies & equipment, and facility supplies. Midland operates principal distribution facilities in Illinois, Wisconsin and Minnesota in addition to National Division U.S. sales offices that support its magazine, catalog and book-publishing segments. The company’s customers are primarily in the printing and publishing industry.
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