Siena Lending Funds Pacific Steel Casting Company §363 Sale
Siena Lending Group announced the completion of a $15 million revolving credit facility for Pacific Steel Casting Company. The facility was used to fund the acquisition of Pacific Steel Casting Company by Speyside Equity out of bankruptcy and for working capital needs.
Berkeley, CA-based Pacific 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.
David Grende, president and CEO of Siena Lending Group, said, “It is nice to see a plan come to fruition such as the DIP financing we did for Pacific as well as the 363 asset sale with Speyside.”
“We are excited to work with Speyside and their knowledge in the foundry space. Jeffrey Stone, partner in Speyside Equity, said, “Pacific Steel has an 80-year history of making large, high quality castings with capabilities that are unique to the industry. We see this as an opportunity to leverage our previous experience in the foundry industry to improve the efficiency and competitiveness of the operations.”