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PTC Alliance Finalizes $65MM Secured Facility With JPMorgan Chase

September 04, 2015, 07:32 AM
Filed Under: Manufacturing

PTC Group Holdings Corp., a leading manufacturer of welded and DOM steel tubing and related products announced that it has finalized an agreement with JPMorgan Chase, under which Chase will provide a $65 million secured loan facility.  In addition, PTC announced that affiliates of Black Diamond Capital Management, L.L.C., the Company's private equity sponsor, has made an additional investment of $10 million.

The two transactions, which were finalized on August 27, 2015 significantly increase PTC's liquidity, and provides the company flexibility to expand on its leadership position in the DOM tubing market.  The financing involves only PTC's profitable specialty tubing and chrome bar business, which consists of eight manufacturing facilities in Western Pennsylvania and the Midwest.   A separate entity, Kentucky-based PTC Seamless, which filed for bankruptcy protection in April 2015, is not a party to this financing.

Mr. Curt Solsvig, CEO of PTC said, "We are very excited to be working with JPMorgan Chase, and appreciate Chase's and Black Diamond's confidence in PTC. We look forward to partnering with both of them to further improve PTC's profitability and accelerate our growth."

Christopher W. Parker, PTC's Chairman of the Board and Senior Managing Director at Black Diamond Capital Management added that, "The new facility with Chase and incremental $10 million investment positions PTC well for the future.  Black Diamond continues to be enthusiastic about our investment in the Company, and looks forward to working with Chase and PTC's management team on a variety of growth-oriented initiatives."

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