Austin Financial Services, Inc. (AFS) recently funded a $5MM ABL credit facility to a 34-year-old publicly traded manufacturer of lighting systems who specializes in environmentally efficient lighting applications for the military, commercial and construction, educational institutions, and health-care sectors. AFS structured a working capital solution supported by the Company’s accounts receivable and inventory as collateral.
The Company is located in the Midwest and holds numerous patents and pending patent applications related to its components and application processes.
Funds from the AFS line of credit were used to pay off the Company’s existing bank obligations and to fulfill a backlog of projects in its pipeline. The value and liquidity from AFS’ revolver will also allow the Company realize its plans for a turnaround and to bid on new projects for its growing business.
About Austin Financial Services (AFS)
Headquartered in Los Angeles, Austin Financial Services (AFS) is a privately held, nationwide leader in asset-based lending, serving the middle-market sector for over 40 years. Specializing in alternative funding options, AFS provides support to small and medium-sized businesses that are experiencing growth or undergoing a turnaround. Clients typically have revenues ranging from $10MM to $250MM and have borrowing needs of up to $20MM. AFS’s comprehensive portfolio includes flexible revolving lines of credit secured by accounts receivable and inventory, along with term loans secured by equipment.