Siena Lending Group LLC (“Siena”) announces the completion of a three-year asset based revolving and term loan credit facility for Iceberg Enterprises LLC (“Iceberg”) to refinance their existing credit facility and to provide additional working capital for the business. The total facility included an $11 million revolving portion and $4.2 million term loan secured by machinery, equipment and real estate. Headquartered in Chicago, IL, with their primary manufacturing and distribution facility in Sturgis, MI, Iceberg engages in the design, manufacture and distribution of office furniture. The company offers tables, folding and stacking chairs, storage solutions, collaboration boards and easels, as well as performing contract blow molding across a range of industries.
The company was advised by John Kemp, Managing Partner of Chicago-based Wolverine Partners. Acting as counsel on behalf of the company was Bryan Cave LLP and representing Siena was Blank Rome LLP.
Howard Green, Chief Executive Officer of Iceberg, said, “We were impressed with Siena’s responsiveness to our needs. Under Dave Grende’s leadership, they acted extraordinarily quickly, bringing a sharp analytical team with thoughtful and creative ideas to address our financing needs. We are excited to be working with Dave and the whole Siena family.”
Nick Payne, Director of Siena Lending Group, said, “We are very pleased to provide this credit facility to Iceberg Enterprises to support their continued growth initiatives. The energy that Howard and his entire team put into this business each and every day is what makes Iceberg both unique and the ideal partner for Siena. We look forward to supporting Iceberg as they continue to achieve the goals they’ve outlined for 2018 and beyond.”