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PNC Provides $40MM Facility to Tranzonic

August 15, 2013, 08:02 AM
Filed Under: Manufacturing

PNC Bank announced the closing of $40 million in senior secured financing for Tranzonic, based in Cleveland, OH. The funds were used for the acquisition of Tranzonic by Silver Oak Services Partners, LLC, a private equity firm headquartered in Evanston, Ill. PNC Bank, which is providing $25 million of the senior secured financing, served as co-lead arranger for the financing, and will serve as agent for the lenders. Steel City Capital Funding, a division of PNC, provided a portion of the financing. The transaction includes a $19 million asset-based revolver and a $21 million term loan.  

The PNC Financial Services Group is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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