Events

Florida Chapter Event
Facebook Twitter LinkedIn Email Share

5/20 - A Case Study: Gun Manufacturer Refinance – Taking Aim at the Alternatives, presented by CohnReznick

Thursday, May 20, 2021 - Thursday, May 20, 2021
12:00 PM - 1:30 PM EST
Zoom
, FL United States
Thursday, May 20, 2021 - 08:00 to 09:30
Add to Calendar

Join TMA Florida for our final "interactive" case study series - "Gun Manufacturer Refinance – Taking Aim at the Alternatives", a review of market conditions and refinancing alternatives.

SITUATION 

Out-of-court restructuring and refinancing of asset-based loan facility

INDUSTRY

Consumer products – Sporting goods

ENGAGEMENT SCOPE

This manufacturing company had seen declining sales over a four-year period and was notified by their lender that they would not renew their $25 million revolving credit loan past its maturity date six months away. Based on a recommendation from the lender, the company engaged Eric Danner and the CohnReznick team to help devise and implement a restructuring plan while concurrently driving a refinancing process.

WHAT WE DID

From the onset of our engagement, we worked together with the client’s management team and the lender to negotiate a series of forbearance agreements to give the company time to address the issues at hand. As part of the forbearance process, we produced integrated financial statements, multiple 13-week cash flows, and a three-year financial projection for use in the refinancing process. Throughout the engagement, the CohnReznick team identified and implemented opportunities for liquidity improvement and cost-reduction initiatives that included a comprehensive review of excess and obsolete inventory, staffing and payroll reductions, and process flow improvements for the shipping department. At the same time, the team created a confidential information memorandum and sourced potential lenders from the banking community, contacting more than 100 capital providers. 

OUTCOME

These initiatives were successful in reducing expenses, generating cash flow, and ultimately getting the company refinanced with new banking partners. The existing debt was refinanced by two new lenders (for a revolving credit line and commercial mortgage, respectively) that offered more favorable terms than the incumbent loan facilities. The company’s operating economics and working capital base were vastly improved, positioning the client well for its first growth period in years.

For more information, contact:

Jade Gooding
Chapter Administrator
813-517-4587

UPCOMING EVENTS

Chapter Events

Apr
21
Florida Chapter Event

4/21 - TMA Florida Happy Hour

Tampa, FL United States
May
20
Florida Chapter Event

5/20 - A Case Study: Gun Manufacturer Refinance – Taking...

, FL United States
May
11
Regional Event

TMA SE Regional Virtual Networking Lunch

, United States
Aug
11
Regional Event

2021 TMA SE Regional Conference

Palm Coast, FL United States

EVENTS CALENDAR

S M T W T F S
 
 
 
 
1
 
2
 
3
 
4
 
5
 
6
 
7
 
8
 
9
 
10
 
11
 
12
 
13
 
14
 
15
 
16
 
17
 
18
 
19
 
20
 
21
 
22
 
23
 
24
 
25
 
26
 
27
 
28
 
29
 
30
 
 

Benefits of a TMA Membership

"I've gotten a number of legitimate, 'for sure wouldn't have got the deal but for TMA' deals over the years."

-Brian Van Nevel, Spectrum Commercial Services Company, TMA Minnesota