Del-Nat secures $50 million credit facility
Del-Nat Tire Corp. has procured a $50 million senior secured credit facility from Bank of America Business Capital. The facility will refinance existing debt and provide for working capital and letter of credit needs.
Bank of America also will provide cash management products and services to Del-Nat.
"We are very pleased with this new, more favorable financing from Bank of America Business Capital," says Del-Nat President Dan Hunter. "The asset-based loan provides us with a stable financial platform to better serve our members and allows us to take full advantage of the assets in our business to generate more profitability."
"We structured a loan that gave Del-Nat the financial flexibility to make necessary operational improvements toward pursuing (its) business strategy," says James Connolly, president of Bank of America Business Capital.