Novela Law Assists The Legacy Companies in Closing a $25million Credit Facility

June 28, 2012 - PRLog -- The Miami law firm, NOVELA LAW, specializing in complex domestic and international business transactions, represented, The Legacy Companies in negotiating, refinancing and closing a $25 Million credit facility. The credit facility was provided by PNC Bank, and partially guaranteed by the Export-Import Bank of the United States (EXIM).

A South Florida based business, The Legacy Companies and its affiliated companies are international manufacturers and distributors of commercial-grade kitchen and restaurant equipment to over 120 countries. Among numerous awards, The Legacy Companies received 2009 Exporter of the Year award from the publisher of Commercial News USA, the official export promotion magazine of the U.S. Commerce Department. Neal Asbury, President and CEO of The Legacy Companies, sought out Novela Law’s expertise negotiating and closing the PNC Credit Facility. Daniel Novela, a partner at Novela Law, worked on closing the Credit Facility over a one month period

Mr. Novela worked with The Legacy Companies and its lenders to improve the terms of an existing $15Million credit facility. Novela noted, “We have represented The Legacy Companies for 11 years. During the last two years we have amended The Legacy Companies’ credit agreements four times. Originally from $10Million, to $12 Million, to $15 Million and now to $25 Million. The difficult commercial credit environment makes the closing of any financing difficult. The fact that the lenders have been so accommodating is a testament to my client’s well run organization, tremendous growth potential and plain-old good negotiating. The improvements in this credit facility will allow my client to continue its impressive growth trend. This line of credit replaces an existing credit facility with a significantly larger credit line and better credit terms.”

About Novela Law
Novela Law is a boutique Miami law firm focused on complex business and real estate transactions requiring innovative legal solutions. The firm’s corporate practice has included both domestic and international asset and stock purchases, merger agreements, corporate, project and acquisition finance, commercial finance, and counseling for ideal offshore corporate and trust structures. The firm is headquartered at its 1390 Brickell Ave. office in Miami, FL. Further information about the firm can be located at http://www.novelalaw.com.