Encina Business Credit, LLC announced today that is has provided a $38 million senior secured revolving credit facility with a $10.5 million term loan from Tiger Finance to Daytona Apparel Group. Daytona Apparel Group is a designer, manufacturer, and distributor of apparel, including socks, underwear, loungewear and sleepwear.
The revolving line of credit, which is collateralized by accounts receivable and inventory, will provide financing for ongoing working capital and a refinancing of an existing credit facility.
Encina’s demonstrated track record, coupled with its flexible approach, provided the borrower’s management team and ownership the confidence that its business needs would be met.
Launched in 2016, EBC is one of the country’s leading independent asset-based lending platforms that provides financing to middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans ranging in size from $10 – 125 million that are secured by collateral such as accounts receivable, inventory, equipment or real estate. Encina lends to both privately-owned and publicly traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution and consumer products.