Conner Industries, a national processor of lumber and a provider of integrated packaging solutions, has closed a $21m senior secured credit facility with Ares Commercial Finance.
The credit facility includes an $18 million revolving line of credit and a $3 million real estate term loan. Proceeds of the financing will be used to refinance the Company’s existing credit facility, support working capital needs, and fund new growth opportunities.
In connection with the close of the senior credit facility, certain existing Conner shareholders have increased their financial commitment to Conner from $10 million to $15 million.
David Dixon, Conner’s CEO, said, “We have selected Ares Commercial Finance because of their excellent reputation for partnering with growth-oriented companies, and we look forward to a long and successful working relationship. We also appreciate the continued financial support of our existing Conner shareholders. Conner is now well positioned to execute on its strategic growth plan for the coming years.”
Lawrence Burrows, former SVP of Weyerhaeuser’s Wood Products Division and a Conner Director, said, “We are excited about Conner’s market positioning and growth prospects as we start the New Year. Ares Commercial Finance’s credit facility is another building block that will enable Conner to continue to grow and expand its packaging and cut lumber business.”