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Phoenix Capital Resources® Assists Client in Completing a $53 Million Refinancing through PNC Bank

July 31, 2018

PHILADELPHIA, July 31, 2018 (GLOBE NEWSWIRE) -- Phoenix Capital Resources, a leading middle market special situations investment bank, acted as the exclusive financial advisor to its client in arranging, structuring, and negotiating a $53 million refinancing through PNC Bank, N.A., member of The PNC Financial Services Group, Inc. (NYSE:PNC). The new refinancing consists of two senior secured revolving credit facilities for both the client’s U.S. and Canadian operations totaling $30 million, term loans totaling $16 million secured by real estate and machinery and equipment, a consolidated $4 million capital expenditure facility, and a $3 million delayed draw cash flow loan. The proceeds from the new refinancing will be utilized to pay off their existing credit facilities, fund the continued growth of the client, as well as ongoing working capital needs and capital expenditure projects.

The client is a leading North American manufacturer and compounder of nylon 6, nylon 6/9, specialty nylons and other polymer products. The Company engages primarily in the production of engineering thermoplastics through polymerization and compounding as well as involvement in resource recovery of recycled products and de-polymerization. With over 40 years of experience, it is a proven supplier to the automotive, wire and cable, injection molding, and carpet fiber industries.

Phoenix Capital Resources was engaged by the client to refinance the Company’s credit facilities. Vince Colistra, who led the refinancing effort with the support of Kevin Barr, Director at Phoenix Capital Resources commented “Phoenix has had a relationship with their client for the last ten years and we are pleased that the asset based lending team at PNC Business Credit was able to provide a flexible financing solution to meet the client’s objectives and provide the financial support for a long-term relationship.” Additionally, the client commented “The new and increased facilities will provide the liquidity and long-term capital to enable the Company to continue with their innovative product development to meet their customers’ needs and expand their manufacturing capabilities with their enhanced capital expenditures for new equipment for their facilities.”

About Phoenix:

Phoenix provides smarter, operationally focused solutions for middle market companies in transition. Phoenix Management Services® provides turnaround, crisis and interim management, specialized advisory and operational implementation services for both distressed and growth oriented companies. Phoenix Transaction Advisory Services® provides Quality of Enterprise®, quality of earning reviews, quality of operations, post-transaction integration, sell-side business preparation and other transaction related support services. Phoenix Capital Resources® provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements. Phoenix Capital Resources is a U.S. registered broker-dealer and member of FINRA and SIPC. Proven. Results.®

If you would like to learn more about this specific transaction or Phoenix, please contact Vince Colistra at 215-275-7110 or visit http://www.phoenixmanagement.com/, http://www.phoenixcapitalresources.com/ or http://www.phoenixmanagement.com/phoenix-transaction-advisory-services/overview

Contact: Jessica Zwirzina484-841-6812 jzwirzina@phoenixcapitalresources.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/32728d92-8def-40f2-82e0-a3a9eff76bd9

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