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BB&T Provides $45MM ABL Facility to Synalloy Corporation

December 14, 2016, 07:33 AM
Filed Under: Manufacturing

Synalloy Corporation announced that it, through its subsidiary Bristol Metals, LLC, has signed a definitive agreement to acquire the Stainless Steel Pipe and Tube operations of Marcegaglia USA.  The parties expect the transaction to close on or by March 1, 2017.  The agreement will be structured as an asset purchase and will exclude galvanized product and ornamental tubing products.  The purchase price for the transaction, which excludes real estate and certain other assets, is expected to range between $15 and $16 million.

According to an 8-K filing with the SEC, Synalloy will fund the acquisition with a draw against its recently closed $45 million asset based line of credit with Branch Banking and Trust Company.

Synalloy Corporation is a growth oriented company that engages in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks and specialty chemicals and the master distribution of seamless carbon pipe and tubing.

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