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PNC Bank Provides United Road Services $50MM in Acquisition Financing

February 18, 2014, 08:03 AM
Filed Under: Transportation

PNC Bank, N.A., a member of The PNC Financial Services Group, announced the closing of a $50 million asset-based loan for United Road Services, a portfolio company of Charlesbank Capital Partners, LLC. The transaction also includes treasury management services. Based in Romulus, Mich., the company is using the funds to acquire the Auto Transport Division of Waggoner Trucking, of Billings, MT.

United Road is a provider of vehicle transport and logistics throughout the United States. This deal represents an addition to PNC’s existing relationship of a $70 million facility with United Road.

The PNC Financial Services Group, Inc. is one of the United States’ largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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