PNC closed a $90 million senior secured credit facility for Iconex, a portfolio company of Greenwich, CT-based Atlas Holdings.
PNC’s facility was provided in conjunction with a $67.5 million term loan and a $30 million delayed draw term loan provided by Cerberus Business Finance.
Headquartered in Duluth, GA, Iconex is a providers of highly differentiated label solutions and low-cost receipt papers. Iconex recently developed Iconex Sticky Media, a product that enables the quick service restaurant industry to streamline operations, leading to an improved customer experience.
“Under Atlas Holdings’ ownership, Iconex has improved its operating efficiency, reduced its cost structure, and strengthened its core business through acquisitions,” said Sara Traberman, senior vice president and business development officer, PNC Business Credit. “PNC is pleased to provide additional liquidity for growth by expanding eligible collateral within the borrowing base.”
Iconex will use the funds to refinance an existing revolver, fund a dividend, fund future acquisitions, and provide for ongoing working capital and general corporate purposes.
“Aligned with its long-term strategy to grow its differentiated label business while further honing its low-cost model for receipt papers, Iconex has taken advantage of consolidating acquisition opportunities to bolster our revenue base, widen our national footprint, and improve operating efficiency,” said Ira Genser, chief financial officer, Iconex. “PNC provided a comprehensive financing solution that addresses our specific needs and enables us to evolve within the ever-changing retail landscape.”
