Heritage Global Announces New Upsized $17 Million Credit Facility with C3bank
June 01 2023 - 4:05PM
Business Wire
Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or
“the Company”), an asset services company specializing in financial
and industrial asset transactions, today announced an upsized $17
million credit facility with C3bank which includes the renewal of
its existing $10 million line of credit as well as a new $7 million
term loan.
Ross Dove, CEO of Heritage Global, commented, “We are seeing
strong growth across our business and this new credit agreement
with C3bank increases our borrowing capacity and further supports
our ability to continue to go after the opportunities we are seeing
in the marketplace. C3bank has been an excellent lender for us, and
we appreciate their partnership as we execute on our strategy and
drive value for our shareholders.”
Adam J. (A.J.) Moyer, CEO of C3bank, commented, “As we have
grown our bank, we are proud of the success of the companies we
partner with to help them achieve their business goals. Our
relationship with Heritage Global is a great example of a good
company and a good bank successfully complementing each another. We
look forward to assisting Heritage Global as they continue to
execute on their business strategy.”
About Heritage Global Inc.
Heritage Global Inc. ("HG") values and monetizes industrial
& financial assets by providing acquisition, disposition,
valuation, and lending services for surplus and distressed assets.
This aids in facilitating the circular economy by diverting useful
industrial assets from landfills and operating an ethical supply
chain by overseeing post-sale account activity of financial assets.
Specialties consist of acting as an adviser, in addition to
acquiring or brokering turnkey manufacturing facilities, surplus
industrial machinery and equipment, industrial inventories, real
estate, charged-off account receivable portfolios, through its two
business units: Industrial Assets and Financial Assets.
Forward-Looking Statements
This communication includes forward-looking statements based on
our current expectations and projections about future events. For
these statements, the Company claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. While the Company
believes the forward-looking statements contained in this
communication are accurate, these forward-looking statements
represent the Company’s beliefs only as of the date of this
communication, and there are a number of factors that could cause
actual events or results to differ materially from those indicated
by such forward-looking statements, including variability in
magnitude and timing of asset liquidation transactions, the impact
of changes in the U.S. national and global economies, and interest
rate and foreign exchange rate sensitivity, as well as other
factors beyond the Company’s control. Unless required by law, we
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, you should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. For more details on factors that could affect these
expectations, please see our filings with the Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230601006017/en/
Investor Relations: John Nesbett/Jennifer Belodeau IMS
Investor Relations 203.972.9200 InvestorRelations@hginc.com
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