First Niagara Commercial Finance, the asset-based lending arm of First Niagara Financial Group, announced it closed on a $43.5 million financing package to help PA-based U.S. Corrugated expand its operations and open a new, state-of-the-art corrugated box plant in CA. U.S. Corrugated manufactures and markets corrugated packaging products.

A unique syndication package for U.S. Corrugated, arranged by First Niagara’s Asset-Based Lending and Capital Markets teams, included combining existing asset-based lending financing with term loans to support the company’s plant expansion and refinancing of an existing lender relationship. The successful syndication involved financing commitments from two other banks.

“This transaction was an innovative approach to help facilitate our expansion and overall growth,” said David Doherty, CFO for U.S. Corrugated. “The collaboration of First Niagara’s team from various disciplines, along with other lenders, created an outcome that specifically provided the capital solution for implementing our financial strategy.”

“Already a long-term partner with U.S. Corrugated, our collective team enabled the structuring of a compelling financing package that facilitated a transaction to fit U.S. Corrugated’s game plan,” said James Cannella, first vice president of First Niagara’s Asset-Based Lending team. “Our knowledge of this client and special commercial lending solutions led to being selected as the lead arranger and administrative agent for this deal.”