TAB Bank provided a $9 million asset-based credit facility to a chemical manufacturer in Texas. The facility included a $6 million accounts receivable and inventory line and a $2 million equipment loan with additional equipment funding available for future capex needs. The new facility is extended through a multi-year agreement.
The borrower develops and manufactures chemicals for the energy and industrial markets. Its products include corrosion inhibitors, surfactants and biocides.