O2 Sponsor Finance provides $30MM Credit Facility to Support Borgman Capital's recapitalization of Gilman Cheese Corporation
Rhea-AI Summary
O2 Sponsor Finance (OSBC) provided a $30 million senior secured credit facility to support Borgman Capital's recapitalization of Gilman Cheese Corporation on March 31, 2026. Gilman Cheese, headquartered in Gilman, Wisconsin, is a developer and private labeler of premium clean‑label processed cheeses.
The financing is intended to position Gilman for its next phase of growth and to support the company's growth initiatives, with O2 Sponsor Finance stating it will continue to support execution of those initiatives.
Positive
- $30M senior secured credit facility provided to Gilman Cheese
- Financing supports Borgman Capital's recapitalization of Gilman Cheese
- O2 Sponsor Finance backing signals continued operational support for growth initiatives
Negative
- Adds $30M senior secured debt to Gilman Cheese capital structure
News Market Reaction – OSBC
In the Mar 31 session, OSBC gained 1.56%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 21 | Q4 2025 earnings | Positive | -1.0% | Strong Q4 earnings growth and higher net interest and dividend income. |
| Dec 01 | Sponsor finance deal | Neutral | +0.9% | O2 Sponsor Finance providing senior secured facilities for EventLink acquisition. |
| Oct 22 | Q3 2025 earnings | Neutral | -0.5% | Earnings impacted by Bancorp Financial acquisition and related credit provisions. |
| Oct 20 | Evergreen integration | Positive | +4.0% | Completion of Evergreen Bank Group integration and expanded branch network. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news, including acquisitions and integration milestones, generally saw price gains, while one strong earnings report drew a mild negative reaction.
This announcement highlights continued activity in OSBC’s O2 Sponsor Finance platform, following prior sponsor finance support for EventLink in December 2025. Over the past six months, Old Second has reported solid earnings trends, with Q4 2025 net income of $28.8M and notable loan and deposit growth. The bank also completed the Evergreen Bank Group integration on October 20, 2025, expanding its footprint. Today’s Gilman Cheese credit facility fits into that narrative of leveraging specialized lending capabilities alongside broader balance-sheet growth and integration progress.
Key Terms
senior secured credit facilities financial
recapitalization financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHICAGO, IL / ACCESS Newswire / March 31, 2026 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it provided
Headquartered in Gilman, Wisconsin, Gilman a leading developer, manufacturer and private labeler of premium, high-quality, clean label processed cheeses. Gilman serves a diverse customer base of consumer food companies, gift basket and specialty gourmet producers, deli distributors and institutional distributors.
"We are pleased to support Borgman Capital in its recapitalization of Gilman Cheese. This transaction positions Gilman Cheese for its next phase of growth. We look forward to continuing to support the Company as it executes on its growth initiatives", said Nick O'Brien, Senior Vice President, O2 Sponsor Finance.
About Gilman Cheese Corporation: Headquartered in Gilman, Wisconsin, Gilman Cheese Corporation is a leading manufacturer of premium processed cheeses. The Company specializes in premium quality, shelf stable processed cheese for the gift pack, retail, and airline industry as well as smoked cheese, both natural and processed. Gilman Cheese is the largest employer in the village of Gilman. www.gilmancheese.com
About Borgman Capital: Founded in 2017, Borgman Capital is a private investment firm focused on acquiring successful lower middle market businesses that are poised for growth, and real estate properties with untapped potential. Borgman Capital partners with business owners, management teams, and property owners seeking private equity as a growth or exit strategy. Headquartered in Milwaukee, the firm also has operations in the Twin Cities; Portland, Oregon; and Indianapolis. www.borgmancapital.com
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically
About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades on The NASDAQ Stock Market under the symbol "OSBC". More information about Old Second is available by visiting the "Investor Relations" section of its website: www.oldsecond.com.
As of December 31, 2025, Old Second has approximately
Old Second National Bank, Member FDIC.
Contact:
Bradley S. Adams EVP, Chief Operating Officer and Chief Financial Officer (630) 906-5484
SOURCE: Old Second Bancorp Inc.
View the original press release on ACCESS Newswire