Siena Lending Group LLC (“Siena”) announced the completion of a three-year $10.5 million asset based revolving credit facility for Gross & Janes Company to refinance their existing senior debt and to provide additional working capital. Siena’s facility was done in conjunction with a $3.5 million term loan provided by CapX Partners.
Headquartered in Kirkwood, MO, Gross & Janes Company is the largest supplier of untreated railroad ties in North America providing ties to the large, national railroad companies. FocalPoint Partners LLC acted as the debt and financial advisor on the transaction.
David Grende, President and CEO of Siena Lending Group, said, “We are very pleased to provide the credit facility to Gross & Janes allowing the company to take advantage of the current industry demand for their product. We were able to understand the industry dynamics to solve their liquidity needs and were able to complete the transaction within the timeframe required by the company.”
Michael DiRaimondo, CFO of Gross & Janes said, “Siena was a pleasure to work with as they really listened to what our needs were and acted upon it within the timeframe that we requested. It is refreshing to work with a lender that actually wants to lend money and understands the needs and the industry of the company.”