PNC Provides $95 Million to MedPlast, FRAC-CHEM
PNC announced that it provided $95 million in senior secured financing for MedPlast and FRAC-CHEM.
PNC Bank led a $60 million senior secured financing package to MedPlast Inc. for the acquisition of United Plastic Group, Inc. Headquartered in Tempe, AZ., MedPlast specializes in the design, engineering, assembly and production of precision custom-molded components for use in a broad spectrum of the healthcare and consumer/industrial markets.
MedPlast is a portfolio company of Baird Capital Partners, a private equity firm headquartered in Chicago, Ill. A portion of the senior secured financing was provided by Steel City Capital Funding, a division of PNC.
PNC Bank provided a $35 million revolving credit facility for FRAC-CHEM, LLC, an oilfield chemical manufacturer and wholesale chemical supplier. Based in Lafayette, LA, FRAC-CHEM will be using the funds for ongoing working capital needs. The transaction also included treasury management products and services.