BofA Business Capital Agents Facility for Brake Parts
Bank of America Business Capital (BABC) announced it agented and arranged a $125 million senior secured revolving credit facility for Brake Parts (BPI).
In addition, BABC said it arranged a $30 million senior term loan for BPI that was provided by Crystal Financial. Proceeds from these loans will be used to provide ongoing working capital and a shareholder distribution.
“We’re thrilled to expand our relationship with Bank of America Business Capital”, said David Overbeeke, BPI’s chief executive officer. “This is an important step in the evolution of our business. It has helped us structure a loan around our growth and business goals as well as manage our business more efficiently as we serve our customers.”
“Our continued relationship with BPI is a great example of the ability of Bank of America Merrill Lynch to deliver seamless and efficient credit solutions to our clients,” said Jeff McLane, President of Bank of America Business Capital. “We look forward to helping BPI grow and prosper in the coming years.”
McHenry, IL-based BPI designs, manufactures, and tests automotive brake system products from original equipment manufacturers for all makes and models for the aftermarket.