Opus Bank’s Commercial Banking division provides $5,000,000 formula-based line of credit to Calance to support seasonal working capital needs and continued growth
Overview of Transaction
- Calance is a full IT lifecycle company and a recognized leader in information technology solutions across North America, specializing in cloud, mobile, enterprise and talent services.
- The overseas parent of Calance sought a partner who understood its liquidity needs following a strategic repositioning of the company.
Significance of Transaction
- Opus Bank (“Opus”) provided a $5,000,000 revolving working capital line of credit to meet the needs of a company experiencing accelerated growth.
- Given the transition into a new line of business, Opus worked with management to find a structure that provided the company working capital to continue its growth.
- Opus understood the international ownership and structured the credit facility to meet this requirement.
Opus Bank's Role
- Opus provided an approved Letter of Intent within two days of initial meeting and closed within 30 days, including performing the necessary due diligence.