Manufacturer, Norwood, NJ: $12,000,000 - Case Study
Manufacturer, Norwood, NJ: $12,000,000 by Martin Carmody an ESOP Advisor.
First American Bank was able to reﬁnance the existing ESOP debt and liquidate the seller notes from the original ESOP ﬁnancing that had been issued to support the purchase of 53% of the company stock by a previous ESOP. In addition, working capital needs were met and First American Bank reﬁnanced a mortgage to buyout the selling shareholders' interest in the building partnership. First American Bank provided a blend of ﬁxed and ﬂoating rates on the debt.