SP Funding visual

SP Funding, LLC

Collateralized Inventory Financing

Raised $1,140,000

12.5% Senior Secured Notes

  • A single purpose entity, SP Funding, LLC, used proceeds from this financing to purchase Sweet Potatoes, an increasingly popular root vegetable, from Wayne Bailey, Inc. (WBI) for $125-$140 per 1000 lb. bin of unprocessed Sweet Potatoes.

  • WBI was one of the nation’s largest growers, packers, and brokers of sweet potatoes that required short-term financing to acquire newly harvested sweet potatoes from their contract growers and other suppliers.

  • WBI’s customers included large and middle-size supermarkets, retailers, food distributors, restaurant chains, and food processing companies such as Publix, Walmart, US Foodservice, and Longhorn Steak House.

  • Proceeds from this offering were used to finance the purchase, as they were harvested, of sweet potatoes from WBI’s contract growers and suppliers.

SP Funding, LLC (the "Issuer") issued $1,140,000 of senior secured notes (the “Offering” or “Notes”) in order to provide financing to Wayne Bailey, Inc.

Securities sold by affiliate, Carolina Financial Securities, LLC.