Santander Bank’s commercial banking division acted as joint lead arranger for a $175 million term loan and $50 million revolver for Purolite to facilitate additional spending on capital projects and enhance liquidity.
The deal will enable Purolite, an international manufacturer of ion-exchange resins, to replenish its previous senior secured facility and maintain the rate of its business growth.
“We’re pleased to continue our partnership with Purolite by aiding the company through the next phase of its business development and beyond,” Joseph Sigle, market director of Mid-Atlantic middle market banking at Santander Bank, said. “Our long-standing relationship with Purolite has allowed us to deeply understand the business’s needs and operations, which helped us complete this loan process efficiently.”
Founded in 1981 by brothers Steve and Don Brodie, Purolite produces ion-exchange resins that facilitate the separation of different materials from one another. The company, headquartered in King of Prussia, PA, manufactures products in the U.S., UK, China and Romania, and sells them to an international market across the water treatment, mining, food, pharmaceutical and life sciences industries.
“Santander continues to be a trusted partner in addition to a financial provider,” James Downey, CFO at Purolite, said. “At a challenging juncture during the start of the COVID-19 outbreak, we greatly appreciate the team’s ability to move swiftly and facilitate the loan quickly.”
