Pattison announces the closing of a $17 million credit facility funded by Amerisource Business Capital
CLAYTON, Iowa, May 17, 2021 (SEND2PRESS NEWSWIRE) — Pattison Company, a leading provider of high-quality industrial sand, construction aggregate, armor stone and rail car storage, will use the proceeds to refinance existing term debt and equipment debt, new projects, and working capital.
Kyle Pattison, CEO and owner of Pattison, said, “We are very pleased with the pricing, structure and covenants of the package. Amerisource will be an important partner going forward. This refinancing gives us an exceptionally strong balance sheet and the liquidity to take advantage of the numerous opportunities we have before us. Our sand, aggregate and storage businesses are all growing, and we have several new initiatives. We deeply appreciate the intense due-diligence Amerisource performed and their response which was tailored to meet all our needs.”
Bill Herrington, EVP of Amerisource, added: “We are very pleased to partner with Kyle and the entire Pattison team. The company has a rich history and track record, and we look forward to supporting their continued growth and expansion.”
The facility was arranged by JFM Capital Advisors, LLC and CS Merchant Capital Partners. Joe Maly, Managing Partner of JFM Capital Advisors, said, “The high overall interest level this transaction generated in the credit market is a testament to Pattison’s diversified business model, their high caliber management and great team.”
More information can be found here: http://www.pattisonsand.com/pattison-announces-major-refinancing-package/
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NEWS SOURCE: Pattison Company
Keywords: AP, ndustrial sand, construction aggregate, Pattison Company, Amerisource Business Capital, CLAYTON, Iowa
This press release was issued on behalf of the news source (Pattison Company) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: 71796 AP-R8.2
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