Siena Lending Group announced the completion of an $8 million revolving and term loan facility for Southern Parallel Forest Products Corp. The facility will be used to purchase a sawmill and planer mill as well as providing additional liquidity for working capital. Dynamic Capital acted as the financial adviser on the transaction.
Headquartered in Albertville, AL, Southern Parallel produces Southern Yellow Pine lumber for the housing and lumber treating markets in the southern and central United States.
David Grende, President and CEO of Siena Lending Group, said, “We are very pleased to have helped the Glaziers transact on the purchase of the mill and look forward to a long lasting relationship as they continue to execute on their strategic vision.”
Patrick Glazier, owner of Southern Parallel, said, “We are pleased to have established a lending relationship with Siena and we are excited about the future prospects for our business. The procurement of these credit facilities will allow us to add efficiencies to our plant and facilitate growth in our business."
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $25 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.
Dynamic Capital is an independent financial services company based in Western Canada. Dynamic specializes in equipment leasing and term debt solutions through a vast network of direct lenders in addition to the capital deployed through their own portfolio.