Santander Bank’s Commercial Banking division served as the administrative agent and sole lead arranger on a $120 million revolving credit and term loan facility to The Eastern Company, an industrial metal products manufacturer.
The credit financing will further strengthen and strategically support EML’s acquisition program, including its purchase of Big 3 Precision Products, a niche industry leader in turnkey packaging solutions.
“The Eastern Company’s multifaceted business epitomizes the type of client that will benefit from our expertise and experience to seamlessly serve all banking and financing needs both in the U.S. and abroad,” said Robert Cerminaro, market director, New England Middle Market Banking at Santander Bank.
“We appreciate the opportunity to support The Eastern Company and look forward to building our partnership in support of the company’s short and long term strategic business objectives.”
The Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to niche markets. EML is based in Naugatuck, Connecticut with operations throughout the US, Canada, the UK, Mexico, Taiwan and China.