MB Business Capital has provided a $29.5 million senior credit facility to Honey-Can-Do International. The capital will be used to refinance HCD’s debt and to provide working capital. Based in Berkeley, Illinois, HCD is a provider of home goods products.
CHICAGO (PRWEB) SEPTEMBER 19, 2018
MB Business Capital, a division of MB Financial Bank, N.A., announced it acted as sole lender and administrative agent on the funding of a $29,500,000 senior credit facility to Berkeley, Illinois-based Honey-Can-Do International, LLC (“HCD”). HCD is a leading brand of various home goods products, selling to retailers primarily in the United States.
Product is sold primarily under the Honey Can Do brand name as well as Kitchen Supply Co., Perch, Urbio, Old Stone Oven, and Zevro. Additionally, the Company sells under numerous private label brand names. MB’s credit facility was used to refinance senior indebtedness and to fund working capital needs going forward.
“MB Business Capital was able to close this new relationship on a tight timeline while providing additional liquidity by leveraging equity in fixed assets and offering a flexible covenant package. MB Financial is very happy to welcome HCD,” said Michael Sharkey, President of MB Business Capital.
“The entire Honey-Can-Do team is excited about our new partnership with MB Business Capital. MB made the transition seamless without a disruption to our daily business. With our heavy working capital requirements, international operations, real estate and other needs, MB’s suite of offerings fit our requirements very well. MB has all of the offerings and resources that we need to continue our growth while also taking the time to understand our business to be a value-added partner,“ said Steve Greenspon, Chief Executive Officer of Honey-Can-Do International LLC.
About MB Business Capital
MB Business Capital is the asset based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois. MB Business Capital seeks asset based lending opportunities in the $5 million to $35 million range and is offering dedicated syndication opportunities of up to $100 million. The firm can also provide access to the full range of business banking products and services offered by MB Financial Bank.
About MB Financial, Inc. (NASDAQ: MBFI)
MB Financial, Inc. is the Chicago-based holding company for MB Financial Bank, which has approximately $20 billion in assets and a more than one hundred year history of building deep and lasting relationships with middle-market companies and individuals. MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their clients’ success. Learn more about MB Financial, Inc. at http://www.mbfinancial.com