Phoenix IB, a part of J.S. Held, a middle market special situations investment bank and independent licensed broker-dealer, acted as the exclusive investment banker to Spray Products, in arranging, structuring and negotiating a $40 million loan package with Legacy Corporate Lending.
“Phoenix IB is delighted with the credit package we were able to arrange for Spray Products,” Michael Jacoby, a senior managing director at Phoenix IB, said. “Not surprisingly, there was a lot of interest from a variety of lenders, both regulated and non-regulated. The Legacy team spent the time to understand the company and its business plan, and tailored a solution that fit Spray’s needs and will provide the necessary support for years to come.”
“We could not be more pleased with the closing of our new financing with Legacy Corporate Lending and the guidance we received throughout the transaction from Phoenix IB,” Peter Bastian, executive vice president of Spray Products, said. “The Phoenix team was able to successfully communicate our story, and through our new facility with Legacy, we are confident we have partnered with a firm that shares our values and is excited to support Spray’s next phase of growth.”
“We were extremely impressed with the refinancing process that Phoenix IB led for Spray Products,” Clark Griffith, CEO of Legacy Corporate Lending, said. “The professionalism and fairness shown by Steven Warsaw, Michael Jacoby and the team was refreshing to experience and appreciated in this competitive market. Our process was easy to navigate given the quality of the information, their responsiveness to questions, and the approach they took in understanding the best borrower/lender fit.”
“Michael Jacoby, Steven Warsaw and their team spent considerable time to understand the intricacies of our business and worked closely with us to develop a financing structure that meets our needs for the next several years,” Doug Greer, chief financial officer of Spray Products, said. “We believe that we will continue to see the benefits of their collaboration with our business well beyond our engagement.”
