Phoenix IB, a middle market situations investment bank, acted as the exclusive financial advisor and investment banker to Polymeric Resources Corporation in arranging, structuring and negotiating a refinancing of $30 million through Citizens. The new refinancing consists of a revolving line of credit, a capital expenditure line of credit, and a delayed draw term loan. The proceeds from the new refinancing will be utilized to refinance existing debt and facilitate future growth.
Headquartered in Wayne, NJ, Polymeric is a North American manufacturer and compounder of nylon 6, nylon 6/9, specialty nylons and other polymer products. The company engages primarily in the production of engineering thermoplastics through polymerization and compounding as well as involvement in resource recovery of recycled products and de-polymerization. With more than 45 years of experience, it is a proven supplier to the automotive, wire and cable, injection molding and carpet fiber industries.
“Polymeric has been a client of Phoenix for over 15 years and we are pleased to be able to arrange these cash flow facilities from Citizens,” Vince Colistra, senior managing director at Phoenix IB, said.
