Siena Lending Group LLC (“Siena”) announces the closing of a two-year scalable $10.5 million revolving credit and term loan facility for Spy Optic Inc. (“SPY”). The credit facility includes an asset-based revolving line of credit as well as term loans based on SPY’s trade name to refinance existing debt and provide additional working capital to support business growth.
Established in 1994, SPY is an independent Southern California-based eyewear company that delivers the best lens experience in designs that fit the lifestyle of their customers. SPY takes a playful approach to everything they create, which means frames to match every mood or moment—from sunglasses and goggles to prescription styles. Their HD+ lens is the only technology on the market that combines the superior clarity of digitally mastered high-definition lenses with the therapeutic and visual performance benefits of SPY’s patented Happy Lens.
Stephen Roseman, CEO of SPY, said, “Mark Orlando and the rest of the team at Siena are rock stars. They showed creativity to provide a preferred financing for us beyond our initial expectations. We appreciate the flexibility Siena showed to come up with a financing solution that has best positioned SPY to take advantage of new orders and opportunities to expand our business.”
Mark Orlando, Director and Western Region Manager of Siena Lending Group, said, “We are pleased to provide this financing for a great brand like SPY, and excited to help Stephen and the company reach their next level of success. Our group at Siena was able to look beyond the traditional asset values and provide additional capital to help meet SPY’s current needs and future goals.”