PNC Bank provided a new $54.6 million credit facility to Lane Enterprises, including a $30 million revolving line of credit and a $24.6 million term loan. Phoenix Capital Resources, the investment bank affiliate of Phoenix Management Services, acted as the exclusive financial advisor and investment banker to Lane.

The proceeds from the term loan were used to repay subordinated debt primarily relating to the management buyout from Bethlehem Steel in 1986 and rollover of loans in 2006 when Lane Enterprises became a 100% ESOP owned company. The revolving line of credit will be used to fund ongoing working capital and support continued growth and expansion.

Michael McCauley, president of Phoenix Capital Resources, said “We are pleased that the PNC Business Credit team was able to provide a flexible financing solution to meet Lane’s objectives and provide the financial support for continued long-term success.”

Camp Hill, PA-based Lane Enterprises has designed and manufactured highly-engineered drainage products for more than 80 years.

Phoenix Capital Resources provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements.