PNC recently announced two senior secured financing facilities totaling $41.5 million for Fabpro Oriented Polymers and ParaChem Southern Inc.
PNC provided a $23.5 million senior secured credit facility for the acquisition
of Fabpro Oriented Polymers by Tricor Pacific Capital, a leading private
investment firm. Located in Kingman,
KS, Fabpro is one of the top
manufacturers, developers and marketers of high-performance polymer and
synthetic fiber products for the agricultural, construction, and commercial industries.
Tricor, which invests in middle-market companies located in the West and
Midwest regions of Canada
and the U.S.,
requested the financing to fund, in part, the acquisition, and to provide for
future working capital needs.
PNC provided an $18 million senior secured financing package to Simpsonville,
SC-based Para-Chem Southern Inc. (PCS). Founded in 1952, PCS is a leading
national provider of custom-formulated specialty coatings, emulsion polymers
and adhesives, operating in three business divisions: Polymers and Coatings,
Specialty Chemicals and Non-Solvent Adhesives, which are sold under private
label or the Parabond brand. The funds, which consisted of a $12 million
revolver and a $6 million term loan, were sought to refinance an existing
credit facility and to provide for ongoing working capital needs.
Loans are provided by PNC Bank N.A., a member of the PNC Financial Services
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PNC Arranges $41.5 Million in Financing for Two Polymer Companies (11/20/09)
November 20, 2009