FOCUS ON DOWNSIDE PROTECTION
Hard-asset backed loan underwritten to liquidation value.
Low advance rates against assets resulting in low LTVs.
Strong sponsor implementing cost-cutting plan to lead to refinancing, liquidation value covers loan.
A/R to strong counterparties accounts for most of borrowing base, 40% advance rate against real estate.
Significant liquidity post-acquisition and large equity check written by sponsor to support the Company.