Daily News: May 19, 2014

FirstMerit Bank Provides Two New Revolvers


FirstMerit Bank Business Credit announced it closed a $10 million revolving credit loan facility to ACO on April 2, 2014. Proceeds of the facility were used to refinance existing debt and provide capital for the company’s transition to ACE Hardware retail store format.

FirstMerit Bank Business Credit also announced it closed a $30 million revolving credit and term loan facility to Canton Drop Forge on April 3, 2014. Proceeds of the facility were used to refinance existing debt and provide working capital.

FirstMerit Bank Business Credit provides working capital and term loan facilities to middle–market companies for acquisitions, LBO’s, MBO’s recapitalizations, rapid growth, seasonal working capital build-u and turnaround situations.
ACO, headquartered in Farmington Hills, MI, operates retail hardware, general merchandise and residential/gardening stores.