FirstMerit Bank Business Credit announced it closed two deals totaling $54.915 million. The deals are:
- A new $29.415 million revolving credit loan and term loan facilities to Sellars Absorbent Materials, Inc. on June 12, 2013. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital. Sellars Absorbent Materials is a Milwaukee-based manufacturer of disposable dry wipes, towels, absorbents and other specialty nonwoven products.
- A new $25.5 million revolving credit loan and term loan facilities to InfoCision, Inc. on June 28, 2013. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital. InfoCision, Inc.is an Akron, Ohio based privately held telemarketing company, with 30 call centers located throughout Ohio, Pennsylvania, West Virginia, and Ontario, Canada.
FirstMerit Bank Business Credit provides working capital and term loan facilities to middle –market companies for acquisitions, LBO’s, MBO’s recapitalizations, rapid growth, seasonal working capital build-up, and turnaround situations.