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Bank of America Business Capital Arranges Credit Facilities for BPI

Date: Sep 11, 2014 @ 07:04 AM
Filed Under: Manufacturing

Bank of America Merrill Lynch has agented and arranged a $125 million senior secured revolving credit facility for Brake Parts Inc LLC (“BPI”). In addition, Bank of America Merrill Lynch has arranged a $30 million senior term loan for BPI via a formal process.  Crystal Financial LLC, an independent commercial finance company, was chosen to provide the senior term loan. Proceeds from these loans will be used to provide ongoing working capital and a shareholder distribution.

“We’re thrilled to expand our relationship with Bank of America Business Capital”, said David Overbeeke, BPI’s Chief Executive Officer.  “This is an important step in the evolution of our business. It has helped us structure a loan around our growth and business goals as well as manage our business more efficiently as we serve our customers.”

“Our continued relationship with BPI is a great example of the ability of Bank of America Merrill Lynch to deliver seamless and efficient credit solutions to our clients,” said Jeff McLane, President of Bank of America Business Capital.  “We look forward to helping BPI grow and prosper in the coming years.”

Brake Parts Inc LLC designs, manufactures, and tests automotive brake system products from original equipment manufacturers for all makes and models for the aftermarket. It offers brake pads, brake shoes, rotors, drums, calipers, hub assemblies, wheel cylinders, master cylinders, hoses and cables, hardware, police patrol products, and medium and heavy duty products. The company was incorporated in 1988 and is based in McHenry, Illinois with additional operations in Patterson and Chowchilla, California; Hazleton, Pennsylvania; Mexico City, Mexico; Winchester and Stanford, Kentucky; Laixi and Longkou, China; and Sonepat, India.

Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than ten primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.
 
See also: Crystal Financial Provides $30MM Term Loan to Brake Parts Inc

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