Daily News: October 2, 2013

BofA Business Capital Leads $75 Million ABL for Steinway

Bank of America Business Capital announced it is leading a new $75 million credit facility for Steinway Musical Instruments to support the company’s acquisition by Paulson & Co. and for working capital needs.

Steinway is a global leader in the design, manufacture, marketing and distribution of high-quality musical instruments. The company conducts its operations through its piano and band operating divisions.

The Steinway piano division, founded in 1853, produces what are considered to be the highest-quality grand pianos in the world and has one of the most widely recognized and prestigious brand names.