NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, announced that is has provided a $6.5 million credit facility to Westlake Plastics Company. Based in Lenni, PA, Westlake is a manufacturer of extruded and compression molded plastic shapes and film used by a diverse group of companies in the medical devices, general industrial as well as the electronic industries.

The credit facility, consisting of a revolving line of credit, term loan and capital expenditure facility, will be used in part to recapitalize the company as well as provide for working capital needs and other general corporate purposes.

“Being pleased doesn’t begin to describe my experience with NewStar. From the beginning, I laid out an almost impossible deadline for them to meet. Their entire team, from start to finish, moved mountains not just to get my company funded, but within the time frame I required. My only regret is not knowing about them sooner,” stated Joe Long, Westlake’s CEO.

NewStar EVP Milton Iskra stated, “We are pleased to have Westlake as a new lending relationship as we continue to expand our presence in the Northeast. Given the performance, continued support by the shareholders and a talented management team, NewStar looks forward to assisting Westlake in its continued success.”

NewStar Business Credit provides asset-based as well as senior secured stretch loans nationally to middle-market companies with credit requirements between $5 million and $25 million.

The transaction was presented to NewStar by Lequire & Associates, a boutique investment banking firm located in Towson, MD.