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Utica Leaseco Funds First $20MM of $50MM Lease Facility

May 03, 2019, 07:28 AM
Related: Utica Leaseco

Utica Leaseco announced the closing of a $20 million lease facility for the manufacturer of a high-tech proprietary energy product. The lease is secured by machinery and equipment and other intangible property.

The manufacturer, which closed a similar, smaller lease facility with Utica in 2017, has been engaged in significant research and development activities to perfect their manufacturing process as well as their product line. The $50 million lease facility provides the manufacturer with the capital required to acquire the highly automated manufacturing equipment it needs to meet demand for its proprietary energy product.

Closing this transaction required Utica Leaseco to cross many due diligence hurdles, including working with legal counsel in three countries, dealing with the valuation of a large quantity of equipment from many suppliers, securing liens on many U.S. patents and working closely with our syndication partners.  All were done expeditiously.

The company’s Chief Financial Officer expressed, “great appreciation for the professionalism and efforts of the Utica team.” And added, “We look forward to the continued partnership between our two organizations.”

“We are also looking forward to a long and mutually beneficial relationship with this customer,” said David Levy, President of Utica Leaseco. “(We) are excited to see what the future holds for this particular company.”

 







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