Siena Lending Group LLC (“Siena”) announces the completion of a $7.5 million revolving credit facility for Seitz LLC (“Seitz”). The facility was used to refinance Seitz’s existing senior debt and support their working capital needs. Siena’s facility was done in conjunction with a $5.0 million term loan provided by World Business Capital.
Seitz (www.Seitzllc.com), headquartered in Torrington, Connecticut, USA, was founded in 1949 and currently employs 128 people at its Connecticut-based facility. The company works closely with its customers to design complex injection molded gears and other precision parts and assemblies for power, motion and energy transmission applications; primarily in medical, business equipment, and food/beverage markets. Seitz builds most of its injection molding tools in Connecticut, and then molds and assembles in Connecticut and at its manufacturing facility in China, enabling the company to service customer needs on a global basis. Throughout its 70 year history, Seitz has been recognized for its engineering expertise and delivery of innovative solutions.
Stephen Fuscaldo, Director of Siena, said, “Siena is very pleased to be able to provide the financing in conjunction with World Business Capital. The total financing will afford Seitz more liquidity so they can focus on their growth strategy.”
Evan Berns, President and CEO of Seitz, said, “Siena really came through for us and helped coordinate the total financing which also included the term loan and mezzanine debt. They demonstrated a high level of professionalism and knowledge of a multi-tiered debt transaction.”