Popular griddle maker, Blackstone Products, has received a $75 million term loan from White Oak Global Advisors. The loan was underwritten to North Atlantic Imports, which is the ownership and operating partner of Blackstone, as well as the entity name they operate under in the US.
Blackstone is an innovator in its industry and we are excited to support their continued growth. We worked hand-in-hand with the Company to tailor a solution to help facilitate a pending business combination while best positioning Blackstone for the future.Albert Brandano, Director of Originations at White Oak Global Advisors
From the press release, White Oak Global Advisors is an alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises.
At this critical stage of our growth, Blackstone required a differentiated credit solution. White Oak has been incredibly supportive in this capacity, leveraging their deep market expertise without sacrificing execution and I appreciate their partnershipRoger Dahle, Founder & CEO of Blackstone Products
The loan was offered on a split-lien basis alongside a Wells Fargo ABL Revolver. For anyone that doesn’t work with debt instruments all day, that means that Wells Fargo has priority on the collateral put up for the revolver, while White Oak has priority over all other collateral.
We are pleased to have worked with White Oak to create a financial solution that supports Blackstone’s new business venture. Blackstone has done a great job positioning themselves as a market leader and we look forward to being part of their continued success and helping them achieve their long-term strategy.Jeff Kaye, Director with Wells Fargo Commercial Capital Originations
It wasn’t disclosed in the press release what the use of the proceeds on the term loan is for.