Siena Lending Group LLC (“Siena”) announces the completion of a $7.0 million credit facility for Raven Antenna Systems, Inc. dba Global Skyware ("Raven") to refinance their existing senior debt and to support their working capital needs.
Headquartered in Smithfield, NC, Raven manufactures very small aperture terminal, direct-to-home and broadband satellite antennas as well as the related products and accessories. These antennas are an essential element of the Ground Equipment needed to receive transmission and reception of voice, video, and data from satellites in space. Raven is owned by Global Invacom Group Limited ("Global"), a public company listed on the Singapore mainboard exchange and the U.K. AIM market.
Stephen Fuscaldo, Director of Siena Lending Group, said, "We are pleased to provide a flexible asset-based facility to Raven which will allow them to capitalize on their increase in working capital assets due to volume growth."
Matthew Garner, CFO of Global, commented, "Siena delivered on their promise to close the transaction from start to finish in five weeks and demonstrated a high level of professionalism in doing so. We look forward to a long relationship with Siena."