SIT­U­A­TION

• The Com­pa­ny was a green­house grow­er of sea­son­al flow­ers for Lowes, Home Depot and Wal­mart. There were 5 green­house
  loca­tions through­out Texas
• Com­pa­ny had been in default with its bank for 12+ months
• Com­pa­ny became EBIT­DA pos­i­tive and had recov­ered from pay­ment Default but was still covenant defaulted
• Bank want­ed pay­off of approx­i­mate­ly $35 MM

OUT­COME

• Chi­ron began arrang­ing financ­ing on July 15^th
• Bank desired Chap­ter 11 fil­ing by Sep­tem­ber 30^th if not paid out in full on Work­ing Cap­i­tal and Equip­ment Finance loans
• Chi­ron arranged 1^st lien A/R loan, sep­a­rate 1^st lien Inven­to­ry loan, and 1^st lien Equip­ment loan
• Chi­ron also arranged 2^nd lien loan facility
• Refi­nanc­ing closed in 75 days, extra­or­di­nar­i­ly quick­ly giv­en there were mul­ti­ple lenders, for­bear­ance agree­ment need­ed for real
  estate and inter­cred­i­tor agreements
• Bank agreed to a 6‑month for­bear­ance exten­sion of the remain­ing $17 MM of real estate financing
• Chi­ron arranged financ­ing through USDA on real estate pack­age and sub­se­quent­ly placed $17 MM with a Neva­da Cred­it Union

“Chi­ron refi­nanced us out of $35MM of loans to a long-strug­gling whole­sale sea­son­al flower grow­er, clos­ing a mul­ti-tranche trans­ac­tion with­in just 75 days of launch.” — Bar­ry Stur­di­vant, Bank of the West VP