WhistlePig secures US$25m credit to boost productionBy Kristiane Sherry
‘Grain to glass’ US-based rye whiskey producer WhistlePig has received a US$25 million asset-based line of credit from JPMorgan Chase, which will be used to increase production at its Vermont site.
The credit facility replaces its current ABL and is a “terrific vote of confidence”, according to WhistlePig executive chairman Roland van Bommel.
The ABL funds will be used to increase the company’s whiskey reserves and build new warehousing facilities, a move set to boost its in-house storage capacity to 35,000 barrels of whiskey.
“We’re excited to apply these incremental funds, and the expertise of Chase’s talented local and beverage banking teams, to further build our business and produce more rye whiskey for the world to enjoy,” van Bommel continued.
Vernon Studer, relationship executive at JPMorgan Chase, added: “WhistlePig has created a unique brand and is enthusiastic about providing a farm-to-bottle premium rye whiskey.
“We understand the business’ vision and growth opportunities and are able to provide the local and specialised financial resources that will help them achieve their goals.”