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Sterling National Bank Provides $20MM in Credit Facilities to Canadian Bearings

October 30, 2020, 08:30 AM
Filed Under: Industry News

Sterling National Bank's Asset Based Lending Group provided senior secured credit facilities totaling $20,000,000 to Canadian Bearings Ltd. The credit facilities will provide refinancing of existing debt as well as working capital for the company going forward.

Founded in 1947, Canadian Bearings sells essential use industrial MRO (maintenance repair and operations) parts and supplies used by manufacturers in their day-to-day operations. Headquartered in Mississauga, Ontario, the Company offers one of the most comprehensive product lines in the industry covering more than 75% of the essential use MRO supply needs of industrial plants as well as training courses and MRO supply management and reliability solutions for those products.

This transaction was originated by John Rossi, a Managing Director located in Sterling’s Boston, MA, office.

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