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BofA Business Capital Provides $200MM ABL Facility to Exide Technologies

June 22, 2015, 08:07 AM
Filed Under: Manufacturing

Bank of America Business Capital recently closed a $200 million asset-based revolving credit facility for Exide Technologies.  Exide is a leading producer, distributor and recycler of lead-acid batteries used in transportation, motive power, network power and military applications.

“We are grateful for the support and leadership of Bank of America Merrill Lynch in structuring and arranging the $200 million ABL revolver,” said Phil Damaska, Executive Vice President and Chief Financial Officer at Exide Technologies. “In addition, their ability to provide global asset-based lending capabilities helped drive a successful process for the revolver, which includes tranches in Canada, the U.K. and the Netherlands.”

“We are pleased to provide a wide array of solutions to Exide that fits their specific needs,” said Jeff McLane, President of Bank of America Business Capital. “Bank of America Merrill Lynch has the ability to deliver seamless and efficient credit solutions to our clients and adapt as their businesses evolve.”

With operations in more than 80 countries and fiscal 2014 net sales of approximately $3 billion, Exide Technologies is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups – Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World – provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.

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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