PNC Provides Senior Secured Financing to Tranzonic
PNC Bank announced the closing of $40 million in senior secured financing for Tranzonic, based in Cleveland, OH. The funds were used for the acquisition of Tranzonic by Silver Oak Services, a private equity firm headquartered in Evanston, IL.
PNC Bank, which is providing $25 million of the senior secured financing, served as co-lead arranger for the financing, and will serve as agent for the lenders. Steel City Capital Funding, a division of PNC, provided a portion of the financing. The transaction includes a $19 million asset-based revolver and a $21 million term loan.