$8,000,000 A/R refinance facility for private equity group

$8,000,000 Accounts Receivable Refinance Facility

Private Equity Group Refinance to Fuel Growth for Digital Ad Agency

CLIENT

This New York agency provides premium digital advertising in shopping malls across America. They boast over 4500 HD screens with audio in over 350 premium-shopping destinations across the United States. 

SITUATION

This advertising company is owned by a strong and diverse group of investors, including six private equity firms, and was previously financed by Accord’s Chicago subsidiary, CapX Partners.

The company had an expiring, revolving credit facility with a bank that experienced 13 amendments over the course of the agreement for covenant resets and waivers, increasing cost of funds and other various fees. The company sought a new lender that understood the lumpiness of the advertising industry, would give them more flexibility with covenants, and increase their facility size to fuel long-term growth.

FINANCIAL SOLUTION

Accord met the company’s needs by providing an $8 million non-notification accounts receivable purchase facility; this allotted for unused availability that the company could immediately access to capture growth opportunities via new industry technology.

The facility was also free of covenants—providing greater flexibility in an erratic industry.  

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