NETUNO

Founded in 1993 by two long time friends, Netuno USA has become a major supplier of quality seafood to the US and other international markets.

The company, a seafood importer, was in default of its revolving line of credit
The bank had transferred the loan to its workout group, which, in turn, reduced availability and increased the interest rate on the facility
The above actions severely restricted the company’s working capital and created an over advanced position

ACM was retained to serve as the Chief Financial Officer of the company
ACM professionals assumed control of treasury management functions and took over all communication with the existing lender
ACM approached the credit markets seeking a new $5 million revolver with better advance rates that would alleviate the working capital strain
After only ninety days from the start of the assignment, ACM closed a new $5 million revolver with a large regional bank
The new facility is priced at 1% above prime – saving approximately $350,000 in annual interest expense
The new facility provided higher advance rates that led to increased availability at closing, immediately improving the company’s liquidity position
ACM professionals successfully closed a new $5 million revolver saving the client $350,000 in annual interest expense