JPMorgan Chase provides $25m credit facility to WhistlePig
US-based rye whisky firm WhistlePig has secured a $25m credit facility from global financial services company JPMorgan Chase.
The new asset-based line (ABL) credit will be used to speed up production and ageing of premium rye whisky.
WhistlePig's executive chairman Roland van Bommel said: “This is a terrific vote of confidence.
“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 whisky for the world to enjoy.”
JPMorgan Chase's credit facility is expected to further strengthen WhistlePig’s business by increasing its whisky reserves and building new infrastructure.
The funds will be used for building new facilities to increase whisky storage capacity to 35,000 barrels.
JPMorgan Chase's relationship executive Vernon Studer said: “WhistlePig has created a unique brand and is enthusiastic about providing a farm-to-bottle premium rye whisky.
“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.”
In March this year, the company launched FarmStock, which includes whisky produced from its distillery in Vermont.
The financing will also provide a platform for the company to expand its new estate line.