WhistlePig rye whiskey distillery in Shoreham, Vermont has announced that it received a $25 million asset-based line (ABL) of credit from JPMorgan Chase, replacing its current ABL and more than doubling its access to liquidity. The credit facility is a reflection of WhistlePig’s performance to date, expected growth, and strong existing inventory position. It will provide the company with incremental funding to accelerate the production and aging of its rye whiskey.
“This is a terrific vote of confidence,” said Roland van Bommel, WhistlePig’s Executive Chairman. “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.”
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The line of credit will support all aspects of WhistlePig’s business, with a particular focus on further increasing the company’s whiskey reserves and building new infrastructure to support those reserves. In addition to laying down additional barrels of whiskey, the company is building new warehouse facilities, increasing its in-house storage capacity to 35,000 barrels of whiskey.
“WhistlePig has created a unique brand and is enthusiastic about providing a farm-to-bottle premium rye whiskey,” said Vernon Studer, relationship executive at JPMorgan Chase. “We understand the business’ vision and growth opportunities and are able to provide the local and specialized financial resources that will help them achieve their goals.”
The company says the new financing will allow WhistlePig to continue to provide consumers with its signature releases, while also expanding its new estate line.
WhistlePig StraightRye Whiskey