Siena Lending Group LLC (“Siena”) announces the completion of a $17.7 million revolving line of credit and term loan for Greenfiber LLC (“Greenfiber”). The facility was used to refinance Greenfiber’s existing senior debt and support the company's working capital needs.
Greenfiber, headquartered in Charlotte, North Carolina, is the leading producer of cellulose fiber insulation for multi-unit and single-family residences in the U.S. and Canada. The company’s products compete with other insulation products based on the merits of environmental friendliness and sustainability; greater energy efficiency and temperature regulation; and increased fire resistance. Greenfiber has six manufacturing facilities in the U.S. and Canada and employs approximately 225 people.
Stephen Fuscaldo, Director of Siena, said, “Siena is very pleased to be able to provide the financing for Greenfiber. The total financing will afford Greenfiber more liquidity so they can focus on their growth strategy.”
Shane Short, CEO of Greenfiber, said, “Siena really came through for us. They demonstrated a high level of professionalism and were able to close the transaction on a timely basis. We look forward to partnering with them going forward.”