International receivables finance provider Bibby Financial Services has entered into a $75 million senior secured credit facility with Bank of America Business Capital. The facility contains an accordion feature allowing it to grow to $150 million to accommodate growth and acquisitions. Bank of America will also provide Bibby Financial Services with treasury management services.
CHICAGO (Business Wire EON) December 12, 2007 --
International receivables finance provider Bibby Financial Services has
entered into a $75 million senior secured credit facility with Bank of
America Business Capital. The facility contains an accordion feature
allowing it to grow to $150 million to accommodate growth and
acquisitions. Bank of America will also provide Bibby Financial Services
with treasury management services.
“This facility provides us with the confidence
that we have the means to fulfill our ambitious growth targets in
providing small to medium sized business in North America the financing
they need to grow their business,” said Bibby
Financial Services Director of Risk, Leigh Lones. “We
are excited to be working with Bank of America; they have provided us
with the capital structure we wanted to be able to effectively service
our North American clients.” Bibby Financial
Services CFO, Ernie Jaseckas continued, “We
have been impressed with their treasury management capabilities,
particular their ability to service our businesses based throughout the
U.S. and Canada.”
Bibby Financial Services provides factoring, receivables finance, export
finance and purchase order finance for growing businesses with full
service offices in Boynton Beach, Chicago, Dallas, Los Angeles,
Nashville, Phoenix and Toronto. “As part of a
200-year old, family-run business that has helped grow small businesses
around the globe, we need a financing partner that shares our
entrepreneurial spirit as well as that of our clients,”
explains Stewart Chesters, Bibby Financial Services COO. “In
Bank of America Business Capital, we have found a partner with the
capabilities to support our ongoing growth in North America.”
“This new loan will provide Bibby with the
financial flexibility to implement its growth plans in North America,
through acquisitions and organically,” said
Joyce White, President, Bank of America Business Capital. “We
hope to continue to use our breadth of products and services to support
the company as it grows geographically.”
Bank of America Business Capital is one of the world’s
largest asset based lenders, with nearly 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. Visit www.bofa.com/businesscapitalnews
for more information.
To find out more about Bibby Financial Service’s
range of flexible finance solutions please contact 877-88-BIBBY or visit www.bibbyusa.com.
Notes to Editors
Bibby Financial Services is wholly owned by the Bibby Line Group, a
business-to-business services group with interests in ship owning and
operation, shallow water accommodation, oil field services, contract
logistics and business finance.
Bibby Financial Services specializes in the provision of finance to
small and medium sized enterprises across a wide range of industry
sectors. Operating via a global network of 28 autonomous operating
companies in the United States, Canada, United Kingdom, France, India,
Ireland, Poland, Czech Republic, Slovakia and Australia the group
purchased more than $6 billion dollars of receivables and had more than
7,000 clients worldwide.
For more information on Bibby Financial Services, visit www.bibbyusa.com.
For more information on The Bibby Line Group of Companies, visit www.bibbygroup.co.uk
www.bibbytf.com www.bibbyfinancialservices.com.
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