PNC said Tuesday it provided a $70 million loan to Berry Nurseries, which is backed by Insight Equity. The $70 million loan is part of $135 million in financing provided to Berry. The facility will be used to refinance Berry’s existing debt, partially fund capital expenditures and to provide for ongoing working capital needs. Dallas-based Berry supplies plants and shrubs to Lowe’s and Home Depot.
PNC announced today $70 million in senior secured financing for Berry Nurseries.
PNC provided $70 million of a larger revolving credit facility for Berry Nurseries, a portfolio company of Insight Equity in Southlake, Texas. Headquartered in Dallas, Berry Nurseries supplies a wide variety of plants and shrubs to Lowe’s and Home Depot, among other big box and independent retailers. The facility was sought to refinance existing debt, partially fund capital expenditures and to provide for ongoing working capital needs. PNC acted as Administrative Agent for a syndicate of lenders that provided a total of $135 million in senior secured financing for Berry Nurseries. The transaction also includes treasury management products and services.
PNC loans and treasury management products and services are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC).
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.