Siena Lending Group LLC (“Siena”) announces the completion of a $20.0 million revolving credit and term loan facility for Deleet Merchandising Corporation (“Deleet”). The facility was used to refinance the company’s existing senior debt and support their working capital needs.
Headquartered in Newark, NJ and founded in 1905, Deleet is a fourth generation family-owned manufacturer and distributor of consumable supplies and materials used in various printing technologies for commercial applications. Products manufactured and distributed include substrate coatings, blankets, solvents, fountain solutions, aqueous and energy-curable adhesives and process control equipment. Deleet is also a leading dealer of digital printing equipment and solutions to commercial printers.
Stephen Fuscaldo, Director of Siena, said, “Siena is very pleased to be able to provide financing to a great family-owned business that has been a leading manufacturer in the printing industry for generations. Siena’s financing will provide the company with additional liquidity.”
Bruce Liroff, President of Deleet, said, “Siena’s credit facility allows for more liquidity and flexibility as our company is projected to grow during the current fiscal year. Siena understood our business and we view them as a committed partner.”