Erah Capital · Project MEIBORG-001 · Meiborg · Confidential · May 2026

Lender Outreach Bulletin — Project Meridian

ERAH Capital Advisors
March 2025
Strictly Confidential — Not for Distribution

SECTION I — TRANSACTION OVERVIEW

ERAH Capital Advisors represents Meiborg Companies in a comprehensive debt restructuring and PropCo separation totaling $50.4M across three tranches. The mandate addresses fragmented equipment financing across 18+ lenders, introduces working capital flexibility through an ABL facility, and optimizes real estate capital structure through PropCo carve-out.

Transaction Components:

  • Equipment/Fleet Consolidation: ~$33M term facility
  • ABL Working Capital Line: $6–10M against receivables
  • PropCo Mortgage Refinancing: $11.4M at target 6.25–6.75% IO

SECTION II — COMPANY PROFILE

Meiborg Companies operates a vertically integrated transportation and logistics platform with 30-year operating history. The business combines trucking operations, warehousing services, and fuel distribution across the Midwest, generating $109.4M TTM revenue with consistent double-digit growth trajectory.

Financial Snapshot:

  • TTM Revenue: $109.4M (17% CAGR from $15.4M in 2013)
  • TTM EBITDA: $11.5M (10.5% margin)
  • Real Estate Assets: $40.5M Hilco-appraised Illinois industrial properties
  • Current Debt Structure: 20+ bilateral facilities at 2.72%–12.99% rates

SECTION III — FINANCING RATIONALE

The debt consolidation eliminates rate dispersion and administrative complexity while introducing working capital flexibility. Current equipment financing spans 18+ lenders with rates from 2.72% to 12.99%, creating operational inefficiency and elevated blended cost of capital.

Value Creation Drivers:

  • Debt service savings: $4.3M annually through rate optimization
  • Administrative efficiency: Single relationship vs. 18+ bilateral facilities
  • Working capital access: $6–10M ABL against $11.5M receivables base
  • Real estate optimization: PropCo structure at 6.25–6.75% vs. current 9.0% IO

SECTION IV — LENDER OUTREACH TEMPLATE

Subject: Project Meridian — Transportation/Logistics — $50.4M Debt Refi + ABL + PropCo

Hi [Recipient],

ERAH Capital Advisors is representing a $109.4M TTM revenue transportation and logistics platform in a three-tranche debt restructuring totaling $50.4M. The Company seeks to consolidate fragmented equipment debt across 18+ lenders, introduce a $6–10M ABL facility, and carve owned Illinois real estate into a PropCo entity.

Meiborg Companies operates a vertically integrated trucking, warehousing, and fuel platform with 30 years of continuous growth — revenue scaled from $15.4M in 2013 to $109.4M in 2025 at a 17% CAGR. The business generates $11.5M EBITDA (10.5% margin) and owns $40.5M of Hilco-appraised Illinois industrial properties currently financed at 9.0% IO. The debt consolidation eliminates rate dispersion from 2.72% to 12.99% across 20+ bilateral facilities, delivering an estimated $4.3M in annual debt service savings.

We are seeking indicative term sheets by March 28 for: (i) equipment/fleet consolidation (~$33M), (ii) working capital ABL against $11.5M receivables, and (iii) PropCo mortgage refinancing at 6.25–6.75% IO. The CIM and financial package are available upon NDA execution.

Would you be interested in reviewing the full materials for Project Meridian? We can coordinate a management call within 48 hours of your confirmation.

Best regards,
[Lead Partner Name]
ERAH Capital Advisors

ERAH Capital Advisors | March 2025 | Strictly Confidential — Not for Distribution