Iceberg designs, manufactures and distributes office furniture and accessories.
Iceberg was in the process of refinancing its business across multiple asset classes (receivables, inventory, machinery and equipment and real estate). Market conditions and opportunities created some time sensitivity for Iceberg’s refinancing.
Siena met the company’s principals and recognized their commitment and aptitude. We provided Iceberg not only with a revolving facility, but also a term loan backed by real estate—a form of collateral we tend to shy away from.
Siena was able to close the transaction in about a month, making up significant time in addressing Iceberg’s needs.
“Iceberg came to us with a challenge to move quickly outside of our normal time frame. At first, we did not think that it was possible. However, after meeting the principals and seeing their dedication and enthusiasm, we determined we could structure a creative deal which met Iceberg’s timing needs and started a great partnership.”