Oilfield services company Drilling Tools International completed an amendment to its existing amended and restated senior secured asset-based revolving credit, security and guaranty agreement with PNC Business Credit, increasing the borrowing capacity to $80 million.
PNC Bank closed a $900 million senior secured credit facility for Big Lots. PNC served as administrative agent for the facility and PNC Capital Markets served as joint lead arranger and joint bookrunner.
SSG Advisors acted as the investment banker to U.S. Tobacco Cooperative and its affiliates in the placement of exit financing pursuant to a confirmed Chapter 11 plan of reorganization in the U.S. Bankruptcy Court for the District of North Carolina, Raleigh Division.
BBH Capital Partners added Elena L. Tuttle and Karima Ali-Ahmad as vice presidents and business development officers. Previously, Tuttle was a business development officer with PNC Business Credit, while Ali-Ahmad previously worked for Guggenheim Partners.
Chapel Down entered into a master facilities agreement with PNC Business Credit for the provision of up to £15 million ($21.1 million) in asset-based lending facilities.
For its next monthly livestream event of 2021, ABF Journal will gather a panel of experts from Gerber Finance, Marco Financial and PNC Business Credit to discuss the evolving art of business development on April 29 at 3 p.m. EST.
The Paycheck Protection Program has been top of mind for many lenders, particularly banks. ABF Journal learned about the experience of bank-owned asset-based lending groups with the program as well as expectations and concerns for the future in conversations with four leaders in the industry.
KPS Capital Partners will acquire substantially all of the assets of Briggs & Stratton, including equity of foreign subsidiaries, for approximately $550 million.
PNC Bank appointed J.P. Seminario national originations manager and Christopher P. Duranto director, western originations for PNC Business Credit’s Technology Finance group
PNC Bank closed a $50 million senior secured credit facility for C.A. Advanced, an electrical utility contractor that specializes in the installation, maintenance and restoration efforts of electrical facilities.