PNC Arranges Financing for Two Polymer Companies
November 18, 2009
PITTSBURGH – PNC, a financial services institution based in Pittsburgh, has announced two senior secured financing facilities totalling $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 manufactures, develops and markets 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 United States, 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 Para-Chem Southern Inc. (PCS), Simpsonville, SC. Founded in 1952, PCS is a national provider of custom formulated specialty coatings, emulsion polymers and adhesives. The company operates 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 $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 Group Inc.