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PNC Bank Provides Financing to Electronic Components Provider MPD

August 29, 2018, 07:07 AM
Filed Under: Electronics

PNC Bank, N. A., announced the closing of a $16.2 million senior secured credit facility for electronic components provider MPD, Inc.

Established in 1987 and headquartered in Owensboro, KY, MPD will use its funds to refinance existing senior bank debt, fund capital expenditures, provide for ongoing working capital needs, issue letters of credit and fund mandatory ESOP share redemptions. PNC Bank, N.A., also served as administrative agent, and included treasury management products and services in this transaction.

“Since 2005, MPD has maintained a positive business relationship with PNC,” said Gary Braswell, president, MPD. “As our needs changed, PNC was able to deliver a customized asset-based refinancing solution through PNC Business Credit.”

MPD traces its origin to 1899, with predecessor companies on the same site manufacturing electrical machinery, electric lamps and electron tubes. Today, MPD consists of nine wholly-owned subsidiaries and more than 370 employees worldwide.

“The breadth and depth of the PNC product and services portfolio has enabled us to meet the changing needs of MPD for more than a decade,” said Craig Stillwagon, executive vice president and Eastern division executive, PNC Business Credit. “As companies grow and their capital demands transform over time, there are different solutions appropriate to their requirements. As a full-service corporate and institutional lender, PNC is ideally suited to meet those changing needs.”

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