East West Bank Agents $90MM Facility for iGPS Logistics
East West Bank served as Lead Arranger and Administrative Agent for a three- year, $90 million senior secured credit facility, consisting of a i) $65 million asset based revolving line of credit, and ii) $25 million cash-flow term loan. The facilities will refinance the company’s existing senior debt and provide working capital to support growth.
Headquartered in Orlando, FL, iGPS Logistics LLC is a leading plastic pallet pooling and distribution company in North America, which also provides IT and logistics systems to support pallet ordering, inventory management, invoicing, and pallet return-reprocessing. iGPS is a portfolio company of Los Angeles-based Balmoral Funds.
“Given the excellent financial performance of iGPS coupled with the deep industry knowledge and support of Balmoral and the iGPS management team, the syndication was oversubscribed. Both iGPS management and Balmoral were a pleasure to work with on the transaction and were true partners in every sense of the word” said Martin Valencia, Senior Vice President for East West Bank’s Asset Based Finance Group.
“Having watched iGPS flourish over the past two years, Martin and his team at East West Bank were able to leverage their knowledge of the credit with the industry knowledge of iGPS and Balmoral to ensure a successful and timely closure of the transaction. We look forward to working with them and the supportive syndicate they have arranged to continue the success story of iGPS.” said Robin Nourmand, Managing Director at Balmoral and a member of the board of managers of iGPS.