Keltic Financial Services announces the completion of a $3,800,000 revolving line of credit and term loan to Homasote Company.

April 30, 2010

Headquartered in West Trenton, NJ, Homasote® is an internationally known environmental icon.  For 100 years Homasote has been the only manufacturer of its kind in North America.  Homasote’s environmentally-intelligent building and industrial packaging products made of 98% recycled materials are truly unique, both in their manufacturing processes and their dependable fiberboard construction performance.

Following a change in their existing bank’s credit culture resulting from the credit crisis coupled with the recession which impacted the financial performance of Homasote, the Company found itself searching for a new lender and turned to Keltic Financial Services.

This flexible funding allowed Homasote to obtain the working capital it needed to grow back into profitability and to refinance its entire debt with its existing lender.

Keltic Financial Services’ leadership team met with Homasote’s management team to better understand the history of the Company and the impact of the recession on its recent financial performance.  Keltic Financial Services was able to structure an innovative financing structure for Homasote with a $3,800,000 Revolving Line of Credit and interest only term loan with no amortization. This flexible funding allowed Homasote to obtain the working capital it needed to grow into profitability and to refinance its entire debt with its existing lender.