Austin Financial Services, Inc. (AFS) announces the completion of a $12.4MM senior secured credit facility to a privately-owned west coast manufacturer of precision machined components for the aerospace and defense industries. The Company outgrew its existing senior debt facility and was looking for a seasoned lending partner to provide ongoing working capital in support of management’s growth initiatives.
Jason Anish, President and CEO, said “We are pleased to establish this relationship and to provide the Company with greater access to much needed capital.” He continued, “Our facility is designed to maximize the Company’s asset value while enabling it to remain flexible and implement new growth initiatives.”
Funds from the AFS facility were used to refinance the Company’s existing credit facility, for ongoing working capital, and to fulfill customer orders in its pipeline.
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.