Synovus closed $130+ million in ABL transactions in the second half of 2019
COLUMBUS, GA., Jan. 28, 2020 — Synovus Bank closed $138 million in new asset-based lending (ABL) transactions in the last six months of 2019. Completed transactions included:
- A $45 million line of credit to a Midwest steel mill to support the company’s ESOP transaction and to provide for ongoing working capital needs.
- A $25 million line of credit to a Southeast finance company specializing in factoring and small ABL lines of credit. The line of credit supports the company’s growth and general working capital purposes.
- A $16 million line of credit to a Southeast distributor of bedding products to purchase the assets of a competitor and to provide for general working capital.
- A $16 million line of credit to a Southeast distributor of agricultural and irrigation supplies to support the company’s growth and general working capital purposes.
- A $10 million line of credit to a Southeast distributor of agricultural products and chemicals to support the company’s growth and general working capital purposes.
- A $6 million credit facility to a Southeast distributor of retail displays and supplies to support the company’s growth and general working capital purposes.
- A $5 million line of credit to a Southeast distributor of tires and related products to support the company’s general working capital.
“Synovus’ brand recognition and reputation have proven to be a tremendous benefit in the marketplace,” said Brian Cuttic, Senior Director of Asset Based Lending for Synovus Bank. “We have been able to help many companies meet their working capital and growth needs, utilizing various Synovus products and solutions, including lines of credit, term loans, treasury services, international services and private wealth services.”
Synovus Bank offers asset based lending solutions across all industries, as well as a complete host of banking services and products.
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking, investment, and mortgage services together with its affiliates through 298 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank has been recognized as one of the country’s “Most Reputable Banks” by American Banker and the Reputation Institute. Synovus Bank is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Equal Housing Lender.