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.