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PNC Provides $25 Million Senior Secured Financing to Support Watermill Group Acquisitions

October 31, 2012, 08:00 AM
Filed Under: Manufacturing

PNC announced $25 million in senior secured revolving credit for Superior Tube Company and Fine Tubes, portfolio companies of the Watermill Group, a private investment firm based in Lexington, MA.  Headquartered in Plymouth, United Kingdom, Fine Tubes manufactures metal tubes used in the aerospace, medical, chemical process and oil and gas industries.  Superior Tube, headquartered in Collegeville, PA., manufactures small diameter metal tubes used primarily in the nuclear, aerospace, medical and durable goods industries.  PNC's revolving credit facility was combined with a term facility from another lender to support Watermill Group’s acquisition of the manufacturers.  The transaction also includes treasury management and foreign exchange products and services.

“Because of their expertise and collaboration, our U.S.- and U.K.-based lending teams were able to provide the credit necessary to ensure a successful acquisition for Watermill,” said Craig Stillwagon, executive vice president of PNC Business Credit.  “This transaction demonstrates PNC’s understanding of the challenges and opportunities experienced by middle-market customers who have operations outside the United States.”

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