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 all facets of overhead and underground electrical facilities.
The company also provides emergency storm restoration electric utility work.
“C.A. Advanced has experienced significant growth in recent years, driven by more contracts with large utilities and the addition of restoration work,” said Joshua Stehlin, PNC Business Credit senior vice president and business development officer. “PNC is pleased to provide a single-bank financing solution customized to support its changing needs.”
C.A. Advanced will use the funds to refinance existing debt, finance ongoing working capital needs and fund future capital expenditures.
Treasury management and equipment finance products and services were included in the transaction.
“PNC provided a multifaceted financing solution that addressed our challenges,” said Paris Bryan, C.A. Advanced chief financial officer. “The long-term commitment, increased borrowing capacity and simplified covenant structure give us the flexibility we need to sustain the evolution of our business.”
PNC Bank served as the administrative agent and Von Tobel Growth Advisors served as exclusive advisor to C.A. Advanced.