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NewStar Business Credit Provides $12.5MM to Precision Aerospace

July 05, 2012, 08:00 AM

NewStar Business Credit provided $12.5 million senior secured facility to support the acquisition of Fastener Distribution and Marketing Company (FDMC) by Precision Aerospace Components. Both companies are distributors of specialty and commodity fasteners to the aerospace and nuclear industries with distribution centers in Staten Island, NY and Bensalem, PA. The credit facilities consisted of an asset-based revolving line of credit and term loan, as well as a senior secured “stretch” loan.

Proceeds from the financing were used to fund the acquisition of FDMC and will also provide support for ongoing working capital requirements. 

“This was a great opportunity for Precision to expand its capabilities. We are pleased with the opportunity to finance the acquisition and provide continuing support for growth.” NewStar EVP Milton Iskra stated. Nina Fairchild, an SVP in NewStar’s Philadelphia office, originated the transaction.

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