NEW YORK--(BUSINESS WIRE)--White Oak Commercial Finance, LLC (White Oak), an affiliate of White Oak Global Advisors, closed a new $120 million 3-year Senior Secured Credit Facility with Sauder Woodworking, a Midwest-based manufacturer and distributor of ready-to-assemble furniture and custom manufacturing furniture solutions with operations throughout the United States and Canada, acting as Sole Arranger and Bookrunner.
The credit facility consists of a $120 million asset-based revolving line of credit funded by White Oak Commercial Finance. The borrowing base is supported by US and Canadian loan parties, and includes advances on eligible A/R, Inventory, M&E, and Real Estate. The proceeds were used to support the Company’s refinancing of its existing bank debt and support working capital growth.
“White Oak's ability to deliver creative solutions to maximize borrowing capacity, especially for a family-owned middle-market company with such a storied history, proved to be a perfect fit for this financing opportunity,” said Kevin Cox, Head of Capital Markets at White Oak Commercial Finance. “This financing continues to build White Oak’s momentum and market leadership due to our ability to underwrite and fund larger and more complex transactions with speed and surety of execution.”
“We have great respect for Sauder’s leadership team and are thrilled to have been able to deliver a comprehensive asset-based lending solution that will provide Sauder with the liquidity and flexibility it needs to support the positive momentum in the business,” said Tom Otte, CEO of White Oak.
“This new credit facility provides our business increased financial flexibility and capital to take advantage of our exciting growth opportunities. With White Oak’s financing support, we are well positioned to execute our strategic plan and continue to build upon the legacy of our 90 year plus operating history,” said Kevin Sauder, President and CEO of Sauder Woodworking. “White Oak has been a collaborative partner throughout the financing process, and we appreciate their strong vote of confidence and support.”
About White Oak Commercial Finance
White Oak Commercial Finance, LLC is an affiliate of White Oak Global Advisors, LLC (“WOGA”) and provides financial solutions including asset-based lending, full service factoring, lender financing, invoice discounting, government contract financing, supply chain financing, inventory financing, US import/export financing, trade credit risk management, accounts receivable management and credit/collections services. The firm has offices and personnel throughout the US and Australia. White Oak Global Advisors, LLC and its financing affiliates provide over twenty lending products to the market that include term, asset-based, and equipment loans. Since its inception in 2007, WOGA and its affiliates have deployed over $11 billion. More information can be found at www.whiteoaksf.com/commercialfinance.
