Hacketts Receives $5 Million Inventory-Based Financing Commitment
Tuesday January 8, 8:00 am ET
Funds to be Used for Debt Repayment, Store Conversions and Expansion
OGDENSBURG, N.Y.--(BUSINESS WIRE)--Seaway Valley Capital Corporation (OTCBB:SWVC - News) (“Seaway Valley”) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company (“Hacketts”), has received a Term Sheet and Commitment Letter from Wells Fargo Bank, NA, through its Wells Fargo Business Credit operating division, (“Wells Fargo”) for inventory-based financing of up to five million dollars ($5,000,000). The Commitment Letter is subject to final due diligence and the completion of the loan documents.
ADVERTISEMENT
“We are pleased to have received this $5 million inventory-based financing commitment from a reputable institution such as Wells Fargo,” stated Hacketts CEO, Norman Garrelts. Hacketts, which was recently acquired by WiseBuys Stores, Inc., will be the surviving entity with all of the WiseBuys stores to be converted to and operated under the “Hacketts” brand. “With this line of credit arrangement,” added Mr. Garrelts, “Hacketts should have a vehicle to initiate the repayment of certain debt, help with transitioning the existing WiseBuys stores to Hacketts stores and begin the exploration of possible new locations. Having Wells Fargo as a partner further validates our efforts and ensures that sufficient capital should be available to Hacketts as the company takes advantage of those expansion opportunities.”
