Daily News: June 13, 2014

FirstMerit Bank Business Credit Closes $137MM in Credit Facilities


FirstMerit Bank Business Credit recently closed three credit facilities totaling $137 million.

FirstMerit Bank Business Credit closed a new $78 million revolving credit loan and term loan facility to building products distribution company based in Kansas on May 8, 2014. Proceeds of the facility were used to refinance existing debt and the acquisition of a complimentary distribution business.

FirstMerit Bank Business Credit also closed a new $10 million revolving credit loan facility to East Point Sports on May 28, 2014. Proceeds of the facility were used to refinance existing debt and provide working capital.

Whippany, NJ-based East Point Sports is a supplier of branded recreational sporting goods to major retailers in the U.S. and Canada.

FirstMerit Bank Business Credit then closed a new $49 million revolving credit and term loan facility to Defiance Metal Products Company on May 30, 2014. Proceeds of the facility were used to refinance existing debt and provide working capital.

Defiance Metal Products Company is a portfolio company of Taglich Brothers.

Defiance, OH-based Defiance Metal Products Company is a full-service metal stamper and fabricator of medium volume components and assemblies for the commercial vehicle and equipment OEM markets.