A company specializing in manufacturing machine tools and machines sought a $20,000,000 line to be drawn down to enhance the balance sheet before year-end. To meet their auditing guidelines and accomplish its balance sheet objectives, the facility had to be a true non-recourse facility. The client is a subsidiary of a Japanese company traded on the Tokyo Stock Exchange.
Porter was introduced to the deal about two weeks later than a competitor, who was already reviewing the information. With only two and a half weeks before year-end, an NDA was executed, and we were off to the races. We were able to quickly organize a scaled-down field exam and circulated closing documents within a week.
To ensure we met the funding window, conference calls were arranged for multiple different time zones at all hours of the day. Porter and the Client were both eager to get the deal done, but given the holidays approaching, the time frame was closing. Christmas and New Year’s vacations were interrupted for both companies, but thankfully, on 12/31/2020, we funded the facility and cheers’d the New Year.