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PNC Bank Agents $100MM in Acquisition Financing for Apache Industrial Services

April 11, 2017, 07:06 AM
Filed Under: Specialty Industries

PNC Bank, N.A. announced that it has closed a $100 million senior secured revolving credit for Apache Industrial Services, a portfolio company of Quantum Capital. PNC Capital Markets LLC led the syndication as sole lead arranger, and PNC Bank is serving as administrative agent.

Based in Houston, Texas, Apache Industrial Services provides a comprehensive suite of services including scaffolding, coatings and linings, refractory, fireproofing and insulation to critical infrastructure. Apache serves the petrochemical, agricultural chemical, refinery, power generation, offshore energy and general industrial markets.

Apache will use the funds, in part, for its acquisition by Quantum, to refinance existing credit facilities, and to provide for ongoing working capital needs, including capital expenditures. The deal also included additional capital markets and treasury management products.

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