Daily News: September 25, 2018

Siena Closes $12MM Credit Facility for Bolttech Mannings


Siena Lending Group completed a $12 million revolving credit and term loan facility for Bolttech Mannings.

The facility was used to refinance the company’s existing senior debt and to support the company’s growth plans and working capital needs.

Headquartered in North Versailles, PA, Bolttech provides on-site technical bolting and heat treating services. It is one of the only providers of turnkey bolting solutions, which include on-site service, rental tools and product sales with OEM manufacturing capabilities. The company serves the power generation, refinery and petrochemical markets.

Stephen Fuscaldo and Nick Payne, Directors of Siena, said, “Siena is very pleased to provide a working capital facility for Bolttech that allows the company to meet its liquidity needs as the company is experiencing higher demand in its markets.”

Robert Steinberg, CEO of Bolttech, said, “The liquidity that Siena’s credit facility brings will allow us to manage our business more efficiently and meet our growth targets. Siena was a quick study who understood our needs right from the onset and they were able to structure a transaction that met our needs.”