A syndicated credit facility of $115 million has been successfully closed by Whiskey House of Kentucky. The distillery is considered the most advanced contract distillery in the US. Details revealed that the lenders are Truist Bank, U.S. Bank, First Horizon Bank, Rabobank, and CoBank.
According to Presswire, Whiskey House broke ground on July 1 and secured financing on July 19. Notably, the funds consist of a $90 million Senior Secured Term Loan and a $25 million Revolving Credit Facility, alongside options to raise up to $50 million more as part of an incremental facility.
Among the benefits of the loan are refinancing the company’s existing construction loans, funding future growth expenditures, and providing liquidity for working capital. Whiskey House also received an approximately $30 million commitment of junior capital for five years
Whiskey House of Kentucky Lands Strong Finacial Loans
The announcement comes as Whiskey House Kentucky began production on July 1. The facility is more than 100,000 square feet and has a highly sophisticated manufacturing system running on proprietary software.
Whiskey House co-founder and CEO David Mandell commented on the lending process. “We could not be more excited by the successful completion of our recent capital raise.”
“The magnitude of the deal and the support of some of the leading banks in the region…. Demonstrates the strength of our business, the stability of our customers and contracts. (It shows) the confidence of our financial partners, but also provides us with immense flexibility to respond to our customers’ needs. This includes the expansion of our production capacity, the addition of incremental services, and the pursuit of complementary acquisitions.”
Among the lenders were Truist Bank, U.S. Bank, First Horizons Bank, Rabobank, and CoBank. The tabloid company, Rothschild & Co. acted as Whiskey House’s exclusive financial advisor, while Holland & Knight LLP as its legal counsel. The lenders turned to Jones Day LLP as their legal counsel.
