Ares Commercial Finance has provided an $18 million senior-secured credit facility to Hastings Manufacturing, a Michigan-based manufacturer and distributor of piston rings used in gasoline and diesel engines.
The credit facility consists of a working capital revolver and two term loans. Proceeds of the financing were used to refinance the company’s existing indebtedness, finance capital expenditures and supplement ongoing working capital needs.
Ares Commercial Finance is the asset-based lending group for Ares Management, providing asset-based revolving lines of credit and term loans, as well as stretch loans to middle market and lower middle market companies.