Bank of America Business Capitol Provides $55 Million Asset-Based Loan to Cedar Creek, Inc.
Bank of America Business Capitol Provides $55 Million Asset-Based Loan to Cedar Creek, Inc.
Bank of America Business Capital, one of the world’s largest asset-based lenders, announced today that it provided a $55 million senior secured credit facility to Cedar Creek, Inc., a lumber and manufactured wood distributor based in Tulsa, Okla. The asset-based loan is being used to refinance existing debt. Bank of America is also providing Cedar Creek with treasury management products and services. ClearRidge Capital acted as advisor for the transaction.
“Bank of America Business Capital structured an asset-based loan that will help us reduce operating expenses given the state of the residential construction industry,” said Cedar Creek’s D. Wayne Trousdale. “We now have financing with fewer, less restrictive covenants and greater financial flexibility.”
“Because of its knowledge of the industry, experienced ownership and strong management team, Cedar Creek has a long-standing record of profitability,” said Bank of America Business Capital West Division Executive John Mostofi. “We were able to structure an asset-based loan that reflected the client’s financial strength and refinance their credit facility with more favorable terms.”
Cedar Creek, Inc. is the seventh-largest lumber and manufactured wood distributor in the United States. Cedar Creek has provided premium wood products to building material dealers in 15 states for more than 30 years.
ClearRidge Capital maximizes enterprise value as a business, financial and strategic advisor. ClearRidge’s directors have completed over 200 M&A transactions, provided restructuring advice and secured new and replacement debt and equity for companies across the United States and Canada. ClearRidge provides Restructuring, Mergers & Acquisitions and Corporate Finance services to middle-market U.S. companies.
Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than 20 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products. Capital markets and investment banking services are provided by Banc of America Securities , member /NASD/SIPC, a subsidiary of Bank of America Corporation and an affiliate of Bank of America Business Capital. Visit Bank of America for more information.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 s and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (: ) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Updated 07-31-2009
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