PNC Bank served as administrative agent for a $42.3 million senior secured facility for Madison-Kipp, a portfolio company of Dallas-based Trive Capital.
The transaction includes a $15.775 million equipment lease term loan. The proceeds of the transaction will be used to refinance existing debt, partially fund capital expenditures, and provide for ongoing working capital needs.
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Established in 1898 and based in Madison, WI, MKC is a producer of lightweight, high-pressure aluminum die castings, precision machined components, and system subassemblies for customers in the transportation, industrial, lawn and garden, and recreational product markets.
“The nonferrous metal products industry is seeing increased demand from automotive and aerospace companies attempting to improve efficiency by utilizing aluminum to reduce the weight of cars and airplanes,” said Luke Tripodi, senior vice president and business development officer, PNC Business Credit. “We are delighted to provide a financing solution designed to support MKC’s long-term growth strategy.”
