White Oak Commercial Finance (WOCF) and White Oak Europe (WOE), affiliates of White Oak Global Advisors announced the closing of a new multicurrency credit facility of up to $125 million from Wells Fargo. This new facility will allow WOCF and WOE to finance UK- and Irish-based sponsored and non-sponsored borrowers and UK and Irish affiliates of US borrowers. And WOCF and WOE will originate new ABL transactions that can be funded under this facility. WOCF will service this facility from the US.
WOCF offers ABL and factoring working capital solutions ranging from $5 million to more than $200 million. It also has a leverage facility from a syndicate led by Wells Fargo of over $1 billion. And WOE is a specialist in SME business finance, offering business loans for VAT, asset finance, and invoice finance with over £500 million in credit facilities from multiple bank providers.
KEY QUOTE:
“We’re grateful for Wells Fargo’s continued support as we further expand our ABL offerings on a global basis. The closing of this credit facility allows us to provide a one-stop global asset-based financing solution to new and existing borrowers while maximizing their borrowing capacity.”
- Tom Otte, CEO of WOCF and Head of WOE
