Siena Lending Group LLC (“Siena”) announces the completion of a $3.5 million revolving credit facility for AlterG, Inc. (“AlterG”) to partially refinance the company’s existing senior debt and to support their working capital needs.
The transaction was done in conjunction with First West Capital who provided a $4.5 million term loan to complete the refinance of the senior debt. The total refinancing package was arranged by Business Capital.
Headquartered in Fremont, CA, and founded in 2005, AlterG is a medical and rehabilitation device company that manufactures and sells Anti-Gravity Treadmills® for use in rehabilitation, athletic training, and exercise. AlterG uses technology developed by NASA to create an “unweighting environment” on a treadmill by using different levels of air pressure to adjust the user’s body weight by between 20% and 100% of their normal weight.
Stephen Fuscaldo, Director of Siena, said, “Siena is very pleased to provide a total financing solution in conjunction with First West Capital. The total debt package gives the company more flexibility to run its business and focus on their growth strategies.”
Kevin Davidge, CFO of AlterG, said, “Siena, in combination with First West Capital, provided a complete financing package that suits our needs and will allow us to focus on moving our business forward in a number of exciting areas. Siena was instrumental in driving the closing process and I appreciated their flexibility in getting the deal done.”