Daily News: May 25, 2017

PNC Provides $37MM to Support Derby Fabricating Acquisition

PNC Bank closed a $37 million senior secured credit facility for Derby Fabricating Solutions, a portfolio company of Prophet Equity Management.

PNC Capital Markets was sole lead arranger, with PNC Bank serving as administrative agent. Steel City Capital Funding, a division of PNC Bank, provided a portion of the financing.

Based in Louisville, KY, Derby Fabricating Solutions is a converter and fabricator of foam and other non-metallic sealing, noise vibration and harshness abatement components primarily servicing North American automotive suppliers.

Derby will use the funds, in part, for its acquisition by Prophet, and to provide for general corporate needs, including working capital and capital expenditures. Products and services associated with the transaction included an interest rate swap and treasury management services.