PNC Bank closed of $40 million in senior secured financing for the Tranzonic Companies. The funds were used for the acquisition of Tranzonic by Silver Oak Services Partners. Cleveland-based Tranzonic makes and distributes cleaning, maintenance and personal protection products for the away-from-home market.
PITTSBURGH, August 15, 2013 – PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC) today announced the closing of $40 million in senior secured financing for Tranzonic, based in Cleveland, Ohio. The funds were used for the acquisition of Tranzonic by Silver Oak Services Partners, LLC, a private equity firm headquartered in Evanston, Ill. PNC Bank, which is providing $25 million of the senior secured financing, served as co-lead arranger for the financing, and will serve as agent for the lenders. Steel City Capital Funding, a division of PNC, provided a portion of the financing. The transaction includes a $19 million asset-based revolver and a $21 million term loan.
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.