Orbit International secures new $6 million revolving credit facility with Merchant Financial
ORBT•Orbit International closed a revolving credit facility of up to $6 million with Merchant Financial, drawing about $4.54 million at closing to repay its prior M&T Bank line. A $4.08 million private placement funded working capital, litigation costs, debt paydown and growth initiatives.
1. Credit facility details
Orbit International closed an asset-based revolving line of credit of up to $6 million with Merchant Financial. It drew about $4.54 million at closing to repay the balance under its prior M&T Bank line, and further borrowings are subject to borrowing-base availability.
2. Private placement proceeds
A $4.08 million private placement funded working capital, litigation costs, debt paydown under the new line and growth initiatives.
