Siena Lending Group announced the completion of a three-year $27 million credit facility for Sypris Solutions Inc. (“Sypris”) to refinance their existing senior debt and to support their growth requirements. The facility included a $15 million asset-based revolver and a $12 million arranged term loan provided by Great Rock Capital. Huron Business Advisory acted as the debt and financial advisor to Sypris. The transaction from start to finish was closed within 30 calendar days.
Headquartered in Louisville, KY, Sypris Solutions is a diversified provider of outsourced services and specialty products. The company performs a wide range of manufacturing, engineering, design and other technical services, typically under multi-year, sole-source contracts with corporations and government agencies in the markets for truck components and assemblies and aerospace and defense electronics.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to provide a flexible asset based facility to Sypris that will help their companies grow and execute their growth initiatives as well as execute their strategic plan. We are especially pleased that we were able to complete this complicated transaction within the 30 day timeframe that we proposed on from the start.”
Commenting on the announcement, Jeffrey T. Gill, President and CEO of Sypris Solutions, said, “We are very pleased to partner with Siena Lending Group as our financial lender. The Siena team demonstrated a high level of professionalism throughout the process, met each and every one of its commitments and successfully completed the transaction ahead of schedule.”
Geoffrey Frankel, Managing Director of Huron Business Advisory, said, “We were very pleased to have chosen Siena as the leading debt provider and felt that they understood the company’s liquidity needs. Siena was able to put together a structure that satisfies the liquidity needs of the business and they delivered on what was promised in less than 30 days. Siena’s principals have a proven track record of success and we look forward to a long-term relationship.”