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MidCap Closes on $4,000,000 Asset Based Credit Facility for Trans-Lux Corporation
October 15, 2019
Source: MidCap Business Credit
MidCap Business Credit announced today they have closed on a $4,000,000 Asset Based Credit Facility for Trans-Lux Corporation. Headquartered in New York, NY, Trans-Lux is a leading designer and manufacturer of high-performance state-of-the-art digital display solutions and fixed digit scoreboards. The asset based credit facility is comprised of a working capital revolver and a machinery and equipment term loan.
“As we approach our 100th anniversary, our partnership with MidCap, along with our equity financing earlier this year, provides us the ability to seek new opportunities and grow our business as we look forward to our next 100 years,” said Todd Dupee, Senior Vice President and Chief Accounting Officer of Trans-Lux.
The opportunity was sourced out of MidCap’s headquarters in West Hartford, CT. Seth Cooper, Senior Vice President of MidCap Business Credit said, “We were able to provide Trans-Lux with a flexible working capital facility that will provide the company with the liquidity they need to achieve their financial objectives”.
MidCap Business Credit provides asset-based credit facilities to lower and middle market businesses nationwide, who have borrowing requirements from $2MM to $15MM.
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