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Business
BestWay Enterprises Inc. ( BestWay ) is one of the largest wholesale distributors of building products in the Northeast. BestWay dries, pressure treats and distributes softwood lumber to retail lumberyards throughout the Northeast and Mid-Atlantic states from its operations in New York, Pennsylvania, Massachusetts and North Carolina.
Client Objective
Diminished activity in commercial and residential building, combined with the prolonged downturn in the economy, reduced BestWay's revenues and eroded profitability. BestWay's lender declined to renew its senior facility and demanded an exit.
Results
White Oak Group advised BestWay in its forbearance agreement with its prevailing senior lender and arranged replacement term and revolving credit facilities. In a challenging capital markets and lending environment White Oak Group assisted BestWay by arranging replacement senior financing that created significant additional liquidity while at the same time substantially reducing annual debt service.
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