Jan 07, 2009. /Lesprom.com/. Bank of America Business Capital provided a $65 million senior secured credit facility to Midland Paper Company. The asset-based loan was used to refinance existing debt and for working capital purposes. Bank of America is also providing Midland with letters of credit and treasury management services, Lesprom Network informed according to the Bank of America. “We selected Bank of America Business Capital as our lender primarily because of its ability to hold the entire facility amount and to close within a very tight timeframe,” said Midland President and CEO E. Stanton Hooker. “This asset-based loan should provide the financial flexibility we’ll need to grow our sales in an industry down cycle.” “Because of our familiarity with Midland and the paper industry, we delivered a creative financing solution which included a seasonal advance and provided the client with the liquidity to expand its product offerings,” said Bank of America Business Capital Central Division Executive John Mostofi. “This financing should give Midland the liquidity to strategically grow its market share during uncertain economic times.” Midland Paper Company is one of the largest independent fine paper distributors in the United States. The company provides printing & imaging papers, publication papers, packaging supplies & equipment, and facility supplies.