$15M senior secured term loan for Ohio aerospace components supplier.
Five-year facility refinances existing senior debt and funds modest growth capex at the borrower's two manufacturing facilities in northeast Ohio.
Steelbanc today announced the closing of a $15 million senior secured term loan for a privately-held aerospace components supplier headquartered in northeast Ohio. The borrower manufactures precision-machined parts for the commercial aerospace and defense markets at two facilities totaling approximately 140,000 square feet.
The facility is a five-year fully-amortizing term loan secured by a first lien on equipment, real property, and a full collateral package. Proceeds are being used to refinance existing senior debt with a regional commercial bank and to fund modest growth capital expenditure, including the addition of two five-axis CNC machining centers.
Steelbanc is sole lender and will hold 100 percent of the facility on its balance sheet. The transaction expands the firm’s aerospace book to approximately $48 million in committed capital across six Tier 2 borrowers.
Steelbanc is a specialty commercial lender purpose-built for North American manufacturers. Founded in 2022 and headquartered in New York with an office in Chicago, the firm provides senior secured credit, equipment finance, and working capital facilities to mid-market industrial operators across the United States and Canada. Learn more at steelbanc.com.
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