FirstMerit Bank Business Credit and FirstMerit Equipment Finance announced the closing of $25 million of credit and leasing facilities encompassing a revolver and equipment lease line, respectively with Sakthi Automotive.

Proceeds from the $15 million revolving credit facility was used to refinance existing debt and provide working capital. The proceeds of the lease line was used to refinance existing debt, provide working capital as well as facilitate future equipment needs.

FirstMerit Equipment Finance also provided a new $10 million lease line to Sakthi Automotive. Proceeds of the facility were used to refinance existing equipment debt, provide working capital as well as facilitate future equipment leasing needs.

Detroit, MI-based Sakthi Automotive is a sole source supplier of machined castings of safety critical components to the auto industry.