BOA Business Capital Provides $55 Million

Bank of America Business Capital, one of the world’s largest asset-based lenders, announced today that it provided a $55 million senior secured credit facility to Cedar Creek, Inc., a lumber and manufactured wood distributor based in Tulsa, Okla. The asset-based loan is being used to refinance existing debt. Bank of America is also providing Cedar Creek with treasury management products and services. ClearRidge Capital acted as advisor for the transaction.
“Bank of America Business Capital structured an asset-based loan that will help us reduce operating expenses given the state of the residential construction industry,” said Cedar Creek’s D. Wayne Trousdale. “We now have financing with fewer, less restrictive covenants and greater financial flexibility.”
“Because of its knowledge of the industry, experienced ownership and strong management team, Cedar Creek has a long-standing record of profitability,” said Bank of America Business Capital West Division Executive John Mostofi. “We were able to structure an asset-based loan that reflected the client’s financial strength and refinance their credit facility with more favorable terms.”
Cedar Creek, Inc. is the seventh-largest lumber and manufactured wood distributor in the United States. Cedar Creek has provided premium wood products to building material dealers in 15 states for more than 30 years.
ClearRidge Capital maximizes enterprise value as a business, financial and strategic advisor. ClearRidge’s directors have completed over 200 M&A transactions, provided restructuring advice and secured new and replacement debt and equity for companies across the United States and Canada. ClearRidge provides Restructuring, Mergers & Acquisitions and Corporate Finance services to middle-market U.S. companies.

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