Siena Lending Group LLC ("Siena") announced the completion of a $8.5 million debtor-in-possession revolving credit facility for Pacific Steel Casting Company. The facility will be used to repay the existing lender and for working capital needs as the sale of the company is completed through the 363 bankruptcy sale process.
Headquartered in Berkeley, California, Pacific Steel Casting Company manufactures carbon, low-alloy and stainless steel castings. The products are sold primarily to companies in the oil and gas, heavy truck, valve and pipe fittings, and mining and construction industries.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to be able to provide Pacific Steel with the capital that they will need in order to execute on the sale of the company through the bankruptcy process.”
Katie Delsol, CEO of Pacific Steel, said, “We are very pleased with Siena’s execution in closing the transaction and the guidance that they provided through the process. Siena has seasoned professionals that have the experience in bankruptcy financing but more importantly, were a pleasure to deal with.”
About Siena Lending Group:
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.
Siena’s independence as a finance company allows innovative & flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has, on average, over 20 years each of experience and has transacted over $12 billion in facilities. For further information please visit us at www.sienalending.com or contact a Siena team member.