Wintrust Receivables Finance Announces Closing of $15M Line of Credit for Third-Party Logistics Firm

Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $15,000,000 account receivable line of credit for a well-established Midwest-based third-party logistics firm. The company has been providing best-in-class logistics and transportation services to customers in the food and beverage space for over 25 years. The company provides a diversified mix of transportation solutions including refrigerated, dry-van, LTL, and flatbed. As the domestic freight market weakened over the past year, the company started to generate losses and negative cash-flow. This led to multiple covenant violations with their incumbent bank. Despite a 10+ year relationship with the company, the incumbent bank asked them to find a new lender. When WRF was introduced to the prospective client, the management team had recently made multiple cost-cutting moves that were projected to bring the company back to monthly cash flow break even over the near term. This clear turnaround plan combined with strong opening day liquidity allowed WRF to give the company the line of credit they needed. The new WRF line of credit provided an aggressive advance rate and a no financial covenant structure to give the company the access to liquidity and flexibility to execute their plan. In addition to the new line of credit, the WRF team is also providing a full suite of Treasury Management products and services.

According to Jason LeuVoy, Wintrust Business Credit National Head of Originations, “We are excited to add this well-established company to our book of clients in the transportation and logistics space. The management team’s industry experience and attention to detail give us a high level of confidence in the company’s ability to execute their plan. LeuVoy added, “The WRF team has a long track record of supporting the working capital financing needs of companies in the logistics industry during multiple industry cycles, and we think this transaction will make another excellent addition to our portfolio of transportation and logistics clients.”

For more information, please contact Jason LeuVoy at 312-550-3056 or jleuvoy@wintrust.com.

Banking products provided by Wintrust Financial Corp. banks.

About Wintrust Receivables Finance

Wintrust Receivable Finance is a division of Wintrust Bank N.A.  Wintrust Receivable Finance provides aggressively structured working capital lines of credit from $2,000,000 to $50,000,000, for middle market companies around the country who are able to obtain the level of financing they need through a more traditional commercial bank underwriting.

About Wintrust

Wintrust Financial Corporation is a financial holding company with assets of approximately $56 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the “HAVE IT ALL” model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates 15 community bank subsidiaries, with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units that provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges. Visit wintrust.com for more information.