CIT Northbridge Credit, as advised by CIT Asset Management, served as sole lead arranger on a $17.4 million credit facility for Hynes Industries, a provider of custom metal solutions.
Based in Youngstown, OH, Hynes Industries manufactures engineered custom metal products, including strip steel, rolled form shapes, flat wire and slotted angle systems, for customers across a range of industries. The company will use proceeds from the financing to support ongoing operations and to finance growth initiatives.
“As the U.S. economy continues to rebound from the pandemic, we are seeing increased demand for our custom metal products by original equipment manufacturers and other customers,” Rick Organ, CEO of Hynes Industries, said. “We appreciated the expertise of the CIT Northbridge team in arranging the financing to support our operations and empower us to serve our customers.”
“Hynes Industries has a longstanding reputation for high-quality products, cost-effective solutions and outstanding customer service,” Neal Legan, executive officer at CIT Northbridge Credit, said. “We worked closely with the company’s leadership to understand their needs and develop a financing package that advances their business strategy.”