Nextek, Inc., a manufacturing specialty company offering advanced design, analytical and manufacturing services to Original Equipment Manufacturers (OEMs) in the electronics industry, has entered into a $6,419,000 senior term and working capital loan facility to replace its previous banking and subordinated debt arrangements.
Cole Taylor Bank was the lender.
FOCUS LLC, a middle market investment banking firm, acted as financial advisor for Nextek.
Commenting on the financing, Manan K. Shah, partner and government, aerospace and defense team leader at FOCUS, said: “The banking services provided by Cole Taylor Bank will help Nextek to continue to grow, and will save a significant amount of operating expense by taking advantage of the favorable financing terms as compared with its prior financing arrangements”.
Nextek is headquartered in Huntsville, Ala., and has more than 120 employees.