PNC said Wednesday that it provided $25 million in senior secured revolving credit to support Watermill Group’s buy of Superior Tube Company and Fine Tubes. PNC said its revolving credit facility was combined with a term facility from another lender to support Watermill’s acquisition of the manufacturers. Financial terms were not announced. Fine Tubes, of the U.K., makes metal tubes used in the aerospace, medical, chemical process and oil and gas industries. Collegeville, Pa.-based Superior Tube makes small diameter metal tubes used primarily in the nuclear, aerospace, medical and durable goods industries
PNC announced $25 million in senior secured revolving credit for Superior Tube Company Inc. and Fine Tubes Ltd., portfolio companies of the Watermill Group, a private investment firm based in Lexington, Mass. Headquartered in Plymouth, United Kingdom, Fine Tubes manufactures metal tubes used in the aerospace, medical, chemical process and oil and gas industries. Superior Tube, headquartered in Collegeville, Pa., manufactures small diameter metal tubes used primarily in the nuclear, aerospace, medical and durable goods industries. PNC’s revolving credit facility was combined with a term facility from another lender to support Watermill Group’s acquisition of the manufacturers. The transaction also includes treasury management and foreign exchange products and services.
“Because of their expertise and collaboration, our U.S.- and U.K.-based lending teams were able to provide the credit necessary to ensure a successful acquisition for Watermill,” said Craig Stillwagon, executive vice president of PNC Business Credit. “This transaction demonstrates PNC’s understanding of the challenges and opportunities experienced by middle-market customers who have operations outside the United States.”
PNC loans and treasury management products and services in the United States are provided by PNC Bank, N.A. while PNC loans in the United Kingdom are provided by PNC Financial Services UK Ltd., each 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.