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PNC Bank Canada Provides C$30MM ABL to Gracious Living Corporation

July 02, 2015, 07:43 AM
Filed Under: Manufacturing

PNC Bank Canada Branch, the Canadian branch of PNC Bank, N.A., announced the closing of a $30 million CAD asset-based revolver for Gracious Living Corporation. Based in Woodbridge, Ontario, the company will use the funds to refinance consolidated debt and to support on-going working capital requirements including potential growth initiatives for both Gracious Living Corporation and recently acquired sister-company, Sher-wood Athletics Group.

Gracious Living Corporation is a manufacturer and major retail supplier of injection-molded resin products, including outdoor furniture and housewares.  Sher-Wood Athletics Group is a developer and distributor of hockey sticks and protective hockey equipment while also selling hockey pucks and other novelty items through several hockey licensing arrangements.

PNC Bank Canada Branch is a Canadian federally-regulated full service foreign bank branch, dedicated to commercial banking. It is authorized to carry on banking business in Canada and regulated by the Canadian Office of the Superintendent of Financial Institutions. Deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation or the United States Federal Deposit Insurance Corporation.

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