Daily News: February 7, 2019

PNC Agents $28.89MM Facility for Antifreeze Manufacturer KOST USA

PNC Bank served as administrative agent on a $28.89 million senior secured credit facility for KOST USA.

Established in 1985 and based in Cincinnati, OH, KOST is the largest family-owned manufacturer, supplier and marketer of antifreeze and functional fluids in the United States. KOST provides high performance products to the steel, process heating and cooling and oil and gas sectors, along with the automotive and heavy duty aftermarket.

“KOST has been a corporate banking customer since 2013,” said Jeff Penno, PNC Business Credit senior vice president and business development officer. “We were able to introduce KOST to the breadth and depth of services available through PNC Business Credit and ensure a smooth transition when the company sought financing to support significant new business growth.”

KOST will use the funds to refinance an existing revolving line of credit and two term loans. Treasury management products and services were also included in the transaction.

“When the business transitioned from a bulk chemical blender/toll processor into a private label mass-merchant supplier in 2016, we made significant investments in people and equipment,” said KOST President Steve Overdeck. “Our strategy and investments have resulted in significant growth. PNC responded with a financing solution suited to our expanded needs, which support our growing business and give us additional capital to continue to grow and invest.”