Daily News: April 16, 2014

Siena Completes DIP Facility for Pacific Steel Casting

Siena Lending Group announced the completion of a $8.5 million debtor-in-possession revolving credit facility for Pacific Steel Casting Company.

Siena said the facility will be used to repay the existing lender and for working capital needs as the sale of the company is completed through the 363 bankruptcy sale process.

David Grende, president and CEO of Siena Lending Group, said, “We are pleased to be able to provide Pacific Steel with the capital that they will need in order to execute on the sale of the company through the bankruptcy process.”  

Katie Delsol, CEO of Pacific Steel, said, “We are very pleased with Siena’s execution in closing the transaction and the guidance that they provided through the process.  Siena has seasoned professionals that have the experience in bankruptcy financing but more importantly, were a pleasure to deal with.”

Berkeley, CA-based Pacific Steel Casting Company manufactures carbon, low-alloy and stainless steel castings.  The products are sold primarily to companies in the oil and gas, heavy truck, valve and pipe fittings, and mining and construction industries.