Siena Lending Group LLC announces the completion of a three-year $10 million senior secured revolving credit facility for Temp-Tations, LLC. Proceeds from Siena’s facility will be used to allow the company to pay down higher priced subordinated debt and to support working capital requirements.
Headquartered in Exton, PA, Temp-Tations designs, markets and sells ceramic, ‘oven to table’ ovenware, linens, table top accessories, dinnerware, cookbooks, recipe cards, stainless flatware, and other related kitchen accessories. Temp-Tations exclusively sells through the QVC shopping channel networks, which include QVC US, UK, Germany, and The Shopping Channel in Canada.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to provide a flexible asset based facility to Temp-Tations allowing them to focus on their business model while providing the company with the opportunity to pay down higher priced debt.”
Steven Wolf, Temp-Tations’ CFO, said, “Siena Lending Group provided flexible financing which fit the needs of the Company perfectly. The new partnership will allow the Company to meet its ambitious growth plans for the future as well as facilitate the Company's ability to pay down more expensive unsecured debt. I look forward to working with Dave Grende and his team, who closed the loan quickly and efficiently. They are true professionals.”
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 and $20 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.