PNC Provides $70 Million Financing to Berry Nurseries
PNC announced it provided $70 million in senior secured financing for Berry Nurseries. PNC acted as administrative agent for a syndicate of lenders that provided a total of $135 million in senior secured financing for Berry Nurseries.
PNC provided $70 million of a larger revolving credit facility for Berry Nurseries, a portfolio company of Insight Equity in Southlake, TX. Headquartered in Dallas, Berry Nurseries supplies a wide variety of plants and shrubs to Lowe’s and Home Depot, among other big box and independent retailers.
The facility was sought to refinance existing debt, partially fund capital expenditures and to provide for ongoing working capital needs. The transaction also includes treasury management products and services.