Siena Lending Group LLC (“Siena”) announces the completion of a $12 million revolving credit facility in conjunction with a $21 million term loan facility for PCX Aerostructures, LLC (“PCX”). The facilities were used to refinance the company's existing senior debt and to support the company’s growth plans and working capital needs. PCX is a portfolio company of RFE Investment Partners (“RFE”). RFE is a private equity investor with a long-standing small buyout heritage and a time-tested strategy for growing businesses in partnership with management.
Headquartered in Newington, CT, PCX is a manufacturer of flight critical precision machined components for military and commercial aerospace applications. The components consist mainly of rotors and assemblies for Chinook and Apache helicopters. PCX produces all inventory to order based on long-term supply contracts with leading Aerospace OEMs and Integrators, as well as the US government. The platform was acquired by RFE in 2014.
Stephen Fuscaldo, Director of Siena, said, “Siena worked hard on finding a financing solution to meet all stake holder needs with a creative and complex financing structure. It was a team effort, which also included RFE who has given PCX tremendous support and were a pleasure to work with.”
Michael Rubel, Managing Director of RFE, said, “Siena was very instrumental in creating a financing solution for the company which will allow the company the ability to execute on its backlog and meet its growth plans.“
Jeff Frisby, President & CEO of PCX, said, “Siena did a great job in constructing a financing package for PCX and, in concert with RFE, will allow us to grow our business and serve our customers. Even though it was a complex financing solution, it was completed in a quick timeframe.”