Whiskey House of Kentucky announced the successful close of a 5-year, $115 million syndicated credit facility from Truist Bank, U.S. Bank, First Horizon Bank, Rabobank, and CoBank (Lenders).

Whiskey House commenced operations on July 1, and the financing closed on July 19, consisting of a $90 million Senior Secured Term Loan and a $25 million Revolving Credit Facility. The financing also provides flexibility to raise up to $50 million in additional funding as part of an incremental facility.

The proceeds of the financing will be used to refinance the company’s existing construction loans, fund future growth expenditure of the company, and provide liquidity for working capital needs. Concurrent with the transaction, Whiskey House also received a 5-year commitment for approximately $30 million of junior capital.

“We could not be more excited by the successful completion of our recent capital raise,” Whiskey House co-founder and CEO David Mandell said in a news release. “The magnitude of the deal and the support of some of the leading banks in the region not only demonstrates the strength of our business, the stability of our customers and contracts, and the confidence of our financial partners, but also provides us with immense flexibility to respond to our customers‘ needs.

“This includes the expansion of our production capacity, the addition of incremental services and the pursuit of complementary acquisitions.”

“Whiskey House of Kentucky is at the forefront of innovation when it comes to production and technology, and the company is poised to change the industry for brands of all sizes,” Truist Beverage Industry Manager Joe Goode said. “We saw the vision of the management team and Whiskey House of Kentucky early on, and this transaction leverages our regional banking and corporate finance teams alongside deep industry connectivity to create a unique financing structure that will propel this great company into the next phase of its growth.”

The announcement comes on the heels of Whiskey House’s successful start of production at the beginning of the month. The facility is greater than 100,000 square feet and boasts a highly sophisticated manufacturing system that runs on proprietary software. The facility is operating in full automation mode, 24 hours a day, seven days a week.

Rothschild & Co served as the exclusive financial advisor to Whiskey House and assisted in arranging the Financing. Holland & Knight LLP acted as legal counsel to the distillery and Jones Day LLP acted as legal counsel to the Lenders.

Read more: Whiskey House Begins Production as Projected

About Whiskey House of Kentucky

Whiskey House of Kentucky is a state-of-the-art contract whiskey manufacturing facility, offering bespoke and premium Kentucky bourbon and American whiskey to customers at its 176-acre campus in Elizabethtown, Kentucky. As the first distillery designed from the ground up to focus solely on large-scale, flexible, contract whiskey production, the distillery’s current capacity is 7 million proof gallons per year (112,000 barrels), with the potential to expand to more than 14 million proof gallons (224,000 barrels). Whiskey House has no brands of its own and a campus closed to the public, removing all potential conflicts of interest between the company and its customers.

For more information, visit www.whiskeyhouse.com.