Sunflower Bank’s Asset Based Lending (ABL) team had a busy 2019, successfully meeting the specialty financing needs of clients across multiple industries. As the challenging market environment of 2020 unfolds, we are here to assist businesses looking for the greater liquidity that asset based credit provides over traditional cash flow facilities. ABL is a flexible financing solution for companies experiencing temporary losses, significant working capital needs, and effects of business seasonality that are the hallmarks of the current COVID-19 economy.
We're pleased to share these six transactions as a selection of 2019 activity.
In December 2019, Sunflower Bank closed an $8,000,000 working capital revolving line of credit with an existing relationship, Rocky Mountain Recycling, Inc.
Rocky Mountain Recycling is a scrap metal recycler which specializes in ferrous and non-ferrous metals including steel, aluminum, brass, copper, rebar, lead, stainless steel, zinc and appliances. Rocky Mountain Recycling has been in the scrap metal business since 1936.
Sunflower Bank closed $10,000,000 in financing for Precision Shooting Equipment, Inc.
(PSE Archery) In October 2019. The financing facility consists of a $7,000,000 working capital line of credit and a $3,000,000 real estate term loan. PSE Archery, founded in 1970, is the largest privately-owned archery equipment company in the United States and is the premier manufacturer of aluminum and carbon fiber compound hunting bows, target bows, crossbows, traditional recurve bows, and related accessories (stabilizers, bow sights, arrow rests).
Sunflower Bank closed $8,500,000 in financing for Natural Light Energy Systems, LLC
and National Chimney Supply-Vermont, Inc.
in September 2019. The financing facility consists of a $6,500,000 working capital revolving line of credit, a $1,160,000 real estate term loan, and an $840,000 machinery and equipment term loan. National Chimney Supply was established in 1992 and manufactures residential and commercial stainless steel chimney liners and components including stove pipe fittings, hearth accessories, chimney caps, and dampers and wholesales other related products required to build, maintain or restore wood, natural gas, heating oil or coal burning devices. Natural Light Energy Systems was established in 1999 and is a manufacturer/distributor of residential and commercial tubular skylights, solar attic fans and related accessories.
In August 2019, Sunflower Bank closed a $3,000,000 working capital revolving line of credit for Zimmerman Metals, Inc.
Zimmerman Metals was founded in 1936 and is a steel and metal manufacturer for structural, building component, commercial and industrial purposes. Zimmerman operates out of four divisions including structural steel, processing (plate cutting and forming), machining, and a roll form division which manufacturers six different machines that provide end products such as wall panels, soffits, arch steel, elbows, and a variety of other formed metal products.
In July 2019, Sunflower Bank closed an $8,000,000 working capital line of credit with Evolution Digital, LLC.
Evolution Digital is a provider of integrated Internet Protocol (IP) hybrid devices and IP video solutions for the global cable industries. The Company provides integrated managed content delivery across all in home devices including managed set-top boxes for television, third-party streaming devices, smart phones and tablets.
Additional financing of $2,000,000 on a working capital revolving line of credit was provided to an existing relationship, Merchants Mortgage & Trust Corporation, LLC
in July 2019. Merchants Mortgage & Trust, founded in 1961, specializes in short term residential bridge loans for investors, commercial loans, construction loans, and rental property loans in 11 different states.