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PNC Bank Provides $84.5MM in ABL Facilities to Three Companies

July 28, 2014, 08:04 AM

PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. announced the closing of $84.5 million in asset-based loans for three companies in the Southeast: Interra International, KPAQ Industries and Kingsdown, Inc.

PNC provided a $40 million asset-based revolver and treasury management services for Interra, a global leader in trade and distribution of food products. Based in Atlanta, the company will use the funds for working capital purposes.  

In addition, PNC committed $30 million in senior secured financing to KPAQ Industries, a portfolio company of Amzak Capital Management, LLC. KPAQ, based in St. Francisville, Louisiana, is a manufacturer of pulp and paper products. The transaction consists of a $20 million asset-based revolver, a capital expenditure line of credit up to $10 million and treasury management services. The funds will be used to refinance existing debt and for ongoing working capital.

PNC also provided $14.5 million to Kingsdown, Inc., based in Mebane, North Carolina. Kingsdown is a leading sleep solutions company, providing diagnostic technology and handcrafted mattress products to leading retailers throughout the United States and in more than 20 countries. The financing included a $9.5 million asset-based revolver, a $5 million term loan and treasury management services. The funds were sought to recapitalize existing debt, to support ongoing working capital and to provide for current growth plans.
The PNC Financial Services Group, Inc. is one of the United States’ 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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