Siena Lending Group Closes New $70 Million Credit Facility for Navajo Transitional Energy Company LLC

Siena Lending Group LLC ("Siena"), a leading asset-based lender, today announced the closing of a $70 million credit facility with Navajo Transitional Energy Company, LLC (“NTEC”). The financing solution includes a $50 million asset-based revolving credit facility and a $20 million second lien term loan arranged by Siena.

The new three-year credit facility was used to complete a strategic acquisition, refinance existing debt and provide additional capital to support NTEC’s strong ongoing growth. The acquisition advances NTEC’s efforts to continue diversifying beyond its core coal mining business, which supports electricity production for vital energy needs throughout The United States and in global power markets.

Michael Gisin, NTEC’s Chief Financial Officer, commended the Siena team’s creativity in structuring the new and expanded debt facility.

“Siena was able to structure a facility that met our needs while successfully navigating the complexities of lending to a company owned by the Navajo Nation. We are impressed by Siena’s flexibility and practical nature,” Gisin said.

“Our team appreciated the opportunity to develop a financing solution for a market leader in the energy industry,” said Stephen Fuscaldo, Director of New Business Originations at Siena. “NTEC is extremely well-run, and we worked hard to understand its intrinsic value and its customers’ strong reliance on the company.”

David Grende, Siena’s President and CEO, said: “Siena is pleased to provide financing solutions for clients spanning the energy industry, from diversified companies like NTEC to renewable energy leaders. We are also proud to play a role in helping NTEC accomplish its mission of supporting the Navajo Community.”

About Navajo Transitional Energy Company 

NTEC is an autonomous single member limited liability company, organized under the laws of the Navajo Nation, which owns mines in Montana, New Mexico, and Wyoming. The mission of NTEC is to be a reliable, safe producer of coal, while diversifying the Navajo Nation's energy resources to create economic sustainability for the Nation and the Navajo people. NTEC's sole shareholder is the Navajo Nation.

NTEC is a recognized leader in safety and reclamation, with the lowest reported incident rate among all U.S. coal producers for 2020 according to the Mine Safety and Health Administration and having been awarded the Sentinels of Safety award from the National Mining Association, the Good Neighbor Award from the Office of Surface Mining Reclamation and Enforcement and the 2019 Excellence in Reclamation award by the New Mexico Mining Association. For more information about NTEC, visit www.navenergy.com.

About Siena Lending Group

Siena Lending Group is a leading asset-based lender providing financing solutions up to $100 million to clients across sectors, ranging from small, privately held middle-market companies to publicly traded industry leaders. In addition to working directly with corporate clients, Siena has earned a reputation as a trusted financing partner to private equity firms and other financial sponsors. Since 2012, Siena has consistently found creative ways to provide borrowers with maximum flexibility and liquidity. With deep lending experience and expertise in complex situations, clients know Siena brings the patience and perspective to help them work through challenges and achieve their long-term visions. Siena Healthcare Finance, a specialized division of Siena, is dedicated exclusively to servicing companies within the healthcare sector. Siena is a portfolio company of Franklin BSP Lending Corporation, an affiliate of Benefit Street Partners L.L.C. ("BSP"). BSP, a leading credit-focused alternative asset management firm, is a wholly-owned subsidiary of Franklin Resources, Inc. For more information, visit wwww.sienalending.com or www.sienahealthcarefinance.com or contact a Siena team member.