Daily News: January 14, 2013

FirstMerit Closes Three Transactions Totaling More Than $37MM


FirstMerit Bank Business Credit recently closed three transactions totaling more than $37 million.

FirstMerit Bank Business Credit announced it closed a new $8.835 million revolving credit loan and term loan facility to Wellborn Forest Products on Dec. 13, 2012. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital.

Wellborn Forest Products is a portfolio company of Linsalata Capital Partners and is a designer and manufacturer of semi-custom hardwood cabinets.

FirstMerit also closed a new $10 million revolving credit loan facility to Origin Point Brands on Dec. 21, 2012. Proceeds of the facility were used to refinance existing debt and provide additional working capital.

Charleston, SC-based Origin Point Brands designs, imports and distributes home improvement products.

FirstMerit provided a new $18.441 million revolving credit loan and term loan facility to Arrow Tru-Line Holdings on Dec. 26, 2012. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital.

Arrow Tru-Line Holdings is a portfolio company of Long Point Capital and manufactures overhead garage door parts including tracks, struts, angles, top and bottom brackets, hinges and lift handles.

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-up and turnaround situations.