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First Niagara Leads Lenders in $70MM Credit Facility to Stein Fibers

September 03, 2014, 07:51 AM
Filed Under: Distribution

First Niagara Commercial Finance has served as lead agent for a new credit facility to Stein Fibers, LTD, a leading distributor of polyester fiberfill headquartered in Albany, NY. The $70 million senior secured credit facility immediately provided the company with enhanced liquidity while reducing overall financing cost. The new facility will allow the management team to continue to grow the business and provides them with flexibility to execute their business plan.

"I am very pleased with the approach First Niagara took regarding the financing and overall banking needs of our business," said Chip Stein, Co-Owner and COO of Stein Fibers. "First Niagara brought several areas of commercial banking expertise together to provide Stein Fibers with a comprehensive financing and overall banking solution, which provides us with enhanced flexibility while significantly reducing cost to our company.”

Co-Owner and President Peter Spitalny comments, “As significant and involved as this change in financing was for our company, First Niagara executed seamlessly while delivering what they proposed within the agreed upon timeframe.  I would highly recommend First Niagara as a trusted and reliable financial partner.”

The transaction was arranged by First Niagara Commercial Finance, the asset-based lending arm of First Niagara Bank, located in Dedham, MA. “We are very pleased to support industry leader Stein Fibers and its management team in meeting their goals, and are delighted that we could play a major role in enhancing First Niagara’s overall relationship with this marque client,” commented FNCF President Larry Favre.

Joe Bucciero, Vice President and Relationship Manager Middle Market Banking for Upstate New York managed the relationship for First Niagara. “Having known and served Stein Fibers and its management team for many years, I could not be more thrilled about bringing our asset-based lending, capital markets, treasury management and trade services expertise together to provide them with this comprehensive banking solution,” said Bucciero.

Stein Fibers is among the largest suppliers and producers of polyester fiberfill and nonwoven fibers in North America.

First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 410 branches, $39 billion in assets, $27 billion in deposits, and approximately 5,900 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. 

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