PNC Bank closed a $200 million senior secured credit facility for Armada Partners. PNC served as administrative agent and PNC Capital Markets served as joint lead arranger and bookrunner on the facility.
Established by the Hofmann family in the 1890s and based in Pittsburgh, Armada began as a meat packing company and eventually broadened its business into supply chain operations and logistics management. Today, it is a fourth-party logistics provider to the restaurant industry, assembling and managing all of the resources, capabilities, and technology of an organization’s supply chain.
“Armada has been a highly valued PNC corporate banking customer for more than 20 years,” said Felicia Leksono, PNC Business Credit vice president and business development officer. “PNC was able to extend that valued relationship, with an enhanced senior secured financing solution to provide the company greater flexibility to meet their changing needs.”
Armada will use the funds to refinance existing senior debt, fund future working capital needs and expenditures, future acquisitions, discretionary non-tax dividends and share repurchases, and issue letters of credit.
“Once again, PNC was able to offer a financing package in support of our efforts to provide solutions to create more efficient, smarter and more agile supply chains,” said Brian McGowan, Armada chief financial officer. “Vaulting into the top three largest private companies in Western Pennsylvania according to the Pittsburgh Business Times, we are well positioned for the future.”
