Daily News: October 2, 2012

PNC Provides $75 Million Financing to Paradigm Precision


PNC announced it provided $75 million in secured financing to Paradigm Precision Holdings, a portfolio company of American Capital, encompassing a $30 million senior secured revolving credit facility and a $15 million senior secured term loan.

Steel City Capital Funding, a division of PNC Bank that focuses on structured financial solutions, also provided $30 million in junior secured financing.

The funds were sought to refinance existing senior debt and to provide for ongoing working capital and capital expenditure needs. The transaction also includes capital markets and treasury management products and services including: a lock box, operating account and purchasing card.

Paradigm manufactures turbines for the aerospace, marine, defense and land-based power generation markets.