RESEARCH TRIANGLE PARK, North Carolina, July 17, 2018 (GLOBE NEWSWIRE) -- Charles & Colvard, Ltd. (Nasdaq:CTHR), the original and leading worldwide source of created moissanite, today announced that it has entered into a new credit facility with White Oak Commercial Finance, LLC, an affiliate of White Oak Global Advisors, LLC and one of the nation's leading lenders to the middle market.
“This new credit facility provides improved terms and flexibility in our capital structure, with a lower annual fee expense structure," said Charles & Colvard Chief Financial Officer Clint J. Pete. “We are committed to having the financial capacity and resources in place to pursue growth opportunities, invest in the business, and implement other shareholder value enhancing initiatives.”
The new three-year $5 million asset-based credit facility provides Charles & Colvard working capital for general corporate purposes. The credit facility is secured by Charles & Colvard assets, and subject to customary covenants. The credit facility is undrawn and the Company currently does not have any other long-term debt. The Company’s previous credit facility with Wells Fargo Bank matured on June 25, 2018 and was terminated in accordance with its terms.
“As a non-bank lender, we were able to work with the Charles & Colvard team to customize a financing solution that best fit their needs. We believe this asset-based facility will have a positive impact on their business,” said WOCF CEO Robert Grbic.
About Charles & Colvard, Ltd.
Charles & Colvard (Nasdaq:CTHR) believes luxury can be beautiful and conscientious. As an e-commerce-driven business, the Company uses innovative technology and sustainable practices to lead a revolution in the jewelry industry. As the original pioneer of lab-created moissanite, a rare gemstone formed from silicon carbide, Charles & Colvard delivers a brilliant product at a revolutionary value that meets the needs of today’s discerning customer. Jewelry consumers seek Charles & Colvard products because of their exceptional quality as well as their environmental and social responsibility. Charles & Colvard was founded in 1995 and is based in the Research Triangle Park, North Carolina. For more information, please visit www.charlesandcolvard.com.
About White Oak Commercial Finance
White Oak Commercial Finance, LLC (“WOCF”) is a global financial products and services company providing credit facilities to middle market companies between $1 - $30 million. WOCF's solutions include asset-based lending, full-service factoring, invoice discounting, supply chain financing, inventory financing, U.S. import/export financing, trade credit risk management, account receivables management and credit and collections support. WOCF is an affiliate of White Oak Global Advisors, LLC and its institutional clients. More information can be found at www.whiteoaksf.com.
