Business
Heritage Global Capital Extends and Upsizes Senior Funding Facility
SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Capital (“HGC”), a division of Heritage Global Inc. (Nasdaq: HGBL), specializing in flexible fundings for the
About this update from Heritage Global Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Capital (“HGC”), a division of Heritage Global Inc. (Nasdaq: HGBL), specializing in flexible fundings for the Accounts Receivable Management “ARM” industry, announced today that it has extended and increased its funding facility with its existing senior lender. The amended facility, originally set to expire in 2022, now extends through March 31, 2025 and increases the facility size from $80 million to $200 million.\n\nThe funding facility was upsized by $120 million; this extension will provide HGC the capital suited to achieve its near-term goals. “This amended facility dramatically increases our lending capacity to support the growth opportunity in front of us as we anticipate continued increases in loan defaults given the current economic environment. We are eager to further our commitment to be the premier lender to the industry,” said Ross Dove, CEO of Heritage Global Inc.\n\nHeritage Global Capital, LLC. (“HGC”) is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGC operates under the Financial Assets business unit and provides flexible funding structures for all asset classes while specializing in buyers acquiring financial portfolios. A customized one-stop credit solution strategized to deliver cost-effective debt capital, HGC lends to companies across a variety of asset classes and thrives on providing creative solutions to companies with non-traditional business models.\n\nHeritage Global Inc. (“HG”) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, account receivable portfolios, and intellectual property through its two business units: Industrial Assets and Financial Assets.\n\nForward-Looking Statements\nThis communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims th...