WhistlePig LLC, the premium rye whiskey company, announced this week that it has 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,” the company says in a press release. 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.
The credit facility 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.
This line of credit follows the March launch of FarmStock, the company’s first estate release that includes whiskey produced from its distillery in Vermont. This financing solution will allow WhistlePig to continue to provide consumers with its signature releases, the company says, while also expanding its new estate line.