Heritage Global Announces New Upsized $17 Million Credit Facility with C3bank
June 1, 2023 04:05 PM Eastern Daylight Time
SAN DIEGO – (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. (“HG”)
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.
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.
John Nesbett/Jennifer Belodeau
IMS Investor Relations