Conner Industries, Inc. has closed a $21 million senior secured credit facility with Ares Commercial Finance. The credit facility includes an $18 million revolving line of credit and a $3 million real estate term loan, as the company says in the press release received by Lesprom Network.
Proceeds of the financing will be used to refinance the Company’s existing credit facility, support working capital needs, and fund new growth opportunities. In connection with the close of the senior credit facility, certain existing Conner shareholders have increased their financial commitment to Conner Industries from $10 million to $15 million.
Conner Industries is a leading provider of industrial wood products and services to the materials handling industry. The company specializes in supplying cut lumber (softwoods, hardwoods, and panel woods) needed for pallets, shelving, and crate & skid parts, or fully assembled wooden pallets & skids, crates, and industrial containers.
