Exela Sterile Equipment

Thomas USAF Group underwrote and purchased a $10MM USDA B&I loan to Exela Sterile Equipment, LLC, a subsidiary of Exela Pharma Sciences, a pharmaceutical drug manufacturer that is headquartered in Lenoir, North Carolina. At closing, Thomas USAF purchased the guaranteed portion from the lender, paying them a premium and cashing them out of most of the risk. 

The purpose of this loan is to refinance equipment debt, purchase additional manufacturing equipment and provide working capital.  The need for working capital will help Exela purchase additional cleaning and manufacturing supplies required during the COVID-19 pandemic.  This loan will create approximately 40 new jobs in Lenoir, NC with an average wage 1.8 times the county average.

Exela has created over 350 high paying, technologically advanced jobs and has played a key role in the dramatic turnaround of unemployment in the rural Caldwell county.  Exela received awards and recognition from the government (local, state and USDA) as well as from the industry for its contribution to the growth of rural jobs and economy, its commitments to high quality FDA cGMP-compliant manufacturing and product supply chain, and for alleviating several drug shortages.

Thomas USAF, with assistance from USDA’s North Carolina, has originated and closed $45MM in loans over the last five years for Exela Pharma Sciences.