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Bank of America Business Capital Leads $75MM ABL to Steinway

October 02, 2013, 07:49 AM
Filed Under: Manufacturing

Bank of America Business Capital announced it is leading a new $75 million credit facility for Steinway Musical Instruments, Inc. to support the company’s acquisition by Paulson & Co. Inc. and for working capital needs.

Steinway is a global leader in the design, manufacture, marketing and distribution of high-quality musical instruments. The company conducts its operations through its piano and band operating divisions.

The Steinway piano division, founded in 1853, produces what are considered to be the highest-quality grand pianos in the world and has one of the most widely recognized and prestigious brand names. The band business, conducted through the Conn-Selmer division, is the largest domestic manufacturer of band and orchestral instruments and related accessories, including a complete line of brass, woodwind, percussion and string instruments.

Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than ten primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

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