OGDEN, Utah, Nov. 16, 2020 (GLOBE NEWSWIRE) -- TAB Bank is pleased to announce it has provided an additional $4 million revolving credit facility to support related Canadian entity of an existing client. This entity of TAB’s existing client is a key provider of aftermarket support solutions for the global aerospace and defense industries including the maintenance, repair, and overhaul of engines, components, and related accessories.
The relationship was first formed in May of 2018 to refinance and restructure the debt of the US parent and its three domestic operating entities and to provide additional liquidity for growth. The new facility for the Canadian arm of this US client will be used to refinance previous senior debt facilities in Canada and provide capital for ongoing working capital requirements. By having all facilities with one institution it will streamline the internal management of funds and improve efficiencies in the day to day operations.
TAB Bank looks forward to continuing this successful relationship and partnering with the management teams both in the US and Canada as they continue to expand and evolve the company’s services.
TAB Bank provides custom working capital solutions to commercial businesses across a wide range of industries. These solutions can be customized to meet the needs of companies in all stages of the business life cycle and during any economic conditions. TAB Bank does this through a variety of asset-based structures including Asset-Based Revolving Loans, Accounts Receivable Financing, Lines of Credit, and Equipment Finance. TAB’s lending options can also be combined with a full suite of business banking solutions and Treasury Management Services.
Brett Horwitz is TAB Bank’s Managing Director and Head of Operations for the Western Region based in Southern California. Brett has years of experience developing client relationships and structuring credit facilities in the asset-based lending arena. Brett can be reached at 949.466.5255 or at firstname.lastname@example.org.
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