East Coast Coal Fired Power Provider Partners with Mazuma Capital in Funding a Fly-Ash Conditioning System
DRAPER, Utah, July 17, 2012 /PRNewswire/ — Mazuma Capital, a leading national direct lender, today announced it has funded $1.3M for a large East coast power provider.
The power provider sought a knowledgeable funding source with the ability to provide a solution to a complicated transaction. In order to comply with state environmental standards the company needed to condition their waste into coal fly-ash before depositing waste in state landfills.
The company was set up as a multi-layered organization with disparate corporate entities having varying degrees of ownership. Due to this structure and the difficulties it posed, the incumbent bank for the power provider passed on providing financing for this equipment, in spite of the fact that the company has excellent credit. The additional challenge was financing almost 50% of “soft costs”, to include labor and installation along with a blanket UCC filing that would not subordinate.
After navigating the review of several of the company’s opaque organizational charts, the risk factors, and equipment, Mazuma agreed to fund this transaction.
“This power producer had a very unique set of complications that we were able to work through. Our team was innovative and methodical in our approach to the deal, which ultimately provided the terms in the manner the company needed. It is transactions of this nature that really spotlight the unique funding abilities Mazuma has within the industry,” said Jared Belnap, CEO and President at Mazuma Capital.
About Mazuma: Mazuma Capital is committed to our clients’ success. Our unique capabilities and innovative product offerings provide solutions accelerating financial growth. Servicing both rising companies and established businesses, Mazuma continues to secure its position as the middle-market industry leader. We build long-term relationships by delivering on our commitments. Mazuma co-authored the Utah Best Practices Alliance. Mazuma Capital subscribes to the ELFA Code of Fair Business Practices and NAELB code of ethics.
SOURCE Mazuma Capital