Siena Lending Group LLC (“Siena”) announced the completion of a three year, $10 million senior secured revolving credit facility for Hudson Global Resources Management, Inc. (“Hudson”). The facility will be used to repay the company’s existing lender and for working capital needs.
Headquartered in New York City, Hudson is the US operating subsidiary of Hudson Global Inc., a global company operating in 20 countries with over $600 million in revenue. Hudson Global, Inc. is a NASDAQ-listed company and was spun off from Monster, Inc. in 2003. Hudson is a professional-level recruitment and related talent solutions provider. The transaction was completed in conjunction with a European-based revolving facility for Hudson Global Inc.’s UK operating subsidiary.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to be able to provide Hudson with the capital that they will need in a flexible structure that will allow them to continue to execute on their operating strategy in the US.”
David Kirby, VP of Finance and Global Treasurer of Hudson, said, “We are very pleased with Siena’s execution in closing the transaction in a timely and efficient manner. Siena offered us a very flexible covenant structure that will allow us to operate our business more efficiently.”
Siena Lending Group is an independent commercial finance company offering asset-based loans between $1 million and $20 million to small and middle-market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset-based product for community and regional banks that desire improved operating metrics and asset diversification.
Siena’s independence as a finance company allows innovative and flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has, on average, over 20 years each of experience and has transacted over $12 billion in facilities.