Opus Bank’s Commercial Banking division provides $3,216,000 in debt financing to Coast Environmental Duct Cleaning, Inc.
Overview of Transaction
- Coast Environmental Duct Cleaning, Inc. (“Coast Environmental”) is a leading Indoor Air Quality (IAQ) and life safety services provider to hospitals and healthcare facilities throughout the West Coast.
- Coast Environmental’s current President desired the capital financing necessary to buy out the company’s other shareholders and acquire 100% ownership.
Significance of Transaction
- Opus Bank provided a $2,466,000 term loan for the shareholder buy-out, as well as a $750,000 revolving line of credit for working capital to allow management to grow the business and hire additional employees.
Opus Bank's Role
- Opus Bank worked closely with Coast Environmental’s executive management to understand the timing requirements for the close of the acquisition and was able to close the loans on a very strict schedule that allowed for a tax efficient transaction for the seller.