Daily News: July 28, 2014

PNC Closes $84MM in ABLs for Three Companies

PNC Bank announced the closing of $84 million in ABL for three companies in the Southeast: Interra International, KPAQ Industries and Kingsdown.

PNC provided a $40 million asset-based revolver and treasury management services for Interra, a global leader in trade and distribution of food products. Based in Atlanta, the company will use the funds for working capital purposes.

In addition, PNC committed $30 million in senior secured financing to KPAQ Industries, a portfolio company of Amzak Capital Management. St. Francisville, LA-based KPAQ is a manufacturer of pulp and paper products. The transaction consists of a $20 million asset-based revolver, a capital expenditure line of credit up to $10 million and treasury management services. The funds will be used to refinance existing debt and for ongoing working capital.

PNC also provided $14.5 million to Mebane, NC-based Kingsdown, a sleep solutions company, providing diagnostic technology and handcrafted mattress products to retailers throughout the U.S. and in more than 20 countries. The financing included a $9.5 million asset-based revolver, a $5 million term loan and treasury management services. The funds were sought to recapitalize existing debt, to support ongoing working capital and to provide for current growth plans.