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Ares Commercial Finance Provides $18MM Credit Facility to Hastings Manufacturing

November 22, 2016, 07:44 AM
Filed Under: Manufacturing

Ares Commercial Finance announced that it has provided an $18 million senior secured credit facility to Hastings Manufacturing Company, a Michigan-based manufacturer and distributor of piston rings used in gasoline and diesel engines.  The credit facility consists of a working capital revolver and two term loans. Proceeds of the financing were used to refinance the company’s existing indebtedness, finance capital expenditures, and supplement ongoing working capital needs.

Ares Commercial Finance (“ACF”) is the asset-based lending group for Ares Management, L.P. providing asset-based revolving lines of credit and term loans, as well as stretch loans to middle market and lower-middle market companies.  In addition, ACF has the ability to provide cash flow loans to certain borrowers as well as asset-backed facilities to specialty finance companies.  Leveraging the breadth and experience of the Ares platform, ACF works with borrowers to understand their business, goals and needs and then deliver creative, flexible and comprehensive financing solutions.  ACF’s asset-based lines of credit may be structured as working capital and bridge financing, special accommodation financing, turnaround financing, debtor-in-possession financing and acquisition financing.  ACF’s asset-based lending practice focuses on privately-held and small public companies in the middle market and addresses a wide breadth of industries including manufacturing, distribution, wholesale and service companies.

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