PNC Bank closed and served as administrative agent on a $16.2 million senior secured credit facility for electronic components provider MPD.
MPD will use its funds to refinance existing senior bank debt, fund capital expenditures, provide for ongoing working capital needs, issue letters of credit and fund mandatory ESOP share redemptions.
“Since 2005, MPD has maintained a positive business relationship with PNC,” said Gary Braswell, president of MPD. “As our needs changed, PNC was able to deliver a customized asset-based refinancing solution through PNC Business Credit.”
Headquartered in Owensboro, KY, MPD traces its origin to 1899, with predecessor companies on the same site manufacturing electrical machinery, electric lamps and electron tubes.
