Wells, Garrison Fund PCCR ABL, Term Loan
Garrison Investment Group announced the funding of a $60 million term loan, in conjunction with a $100 million Wells Fargo Capital Finance ABL revolver to PCCR. PCCR is a wholly owned subsidiary of The Polynt Group, a worldwide leader in composite resins with revenues of $1.8 billion.
Garrison Loan Agency Services acted as administrative agent on the transaction for the term loan credit facility.
Proceeds will be used to finance the acquisition of CCP Composites, a corporate carve-out from TOTAL S.A., the French integrated oil and gas company. CCP Composites is a market-leading composite resins operation.
Carpentersville, IL-headquartered PCCR manufacturer of unsaturated polyester resins used to produce composite materials and of coatings mainly used to produce paint.