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PHILADELPHIA, PA --(Marketwired - March 01, 2016) - Phoenix Capital Resources, the investment bank affiliate of Phoenix Management Services, LLC, acted as the exclusive financial advisor and investment banker to Lane Enterprises, Inc. PNC Bank, N.A., member of The PNC Financial Services Group, Inc. (NYSE: PNC), provided a new $54.6 million credit facility to Lane Enterprises, including a $30 million revolving line of credit and a $24.6 million term loan. The proceeds from the term loan were used to repay subordinated debt primarily relating to the management buyout from Bethlehem Steel in 1986 and rollover of loans in 2006 when Lane Enterprises became a 100% ESOP owned company. The revolving line of credit will be used to fund ongoing working capital and support continued growth and expansion.
For more than 80 years, Lane Enterprises has designed and manufactured highly-engineered drainage products that provide the highest service life, strength, versatility and economy. With 11 manufacturing facilities across the eastern and southern United States, Lane is a full solutions provider, specializing in corrugated HDPE and metal drainage pipe, as well as structural plate and custom-designed storm water products. They are one of two major suppliers of HDPE pipe and corrugated metal pipe in their market. Pat Collings, President and CEO of Lane Enterprises, Inc., stated that "This refinancing marks a significant milestone in Lane's history to successfully repay the original obligations to former management and position the Company for continued success for the next generation of Lane's employees." Lane Enterprises is headquartered in Camp Hill, PA. For more information about Lane, visit http://www.lane-enterprises.com/.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
Phoenix Management Services, LLC and Phoenix Capital Resources have worked with Lane Enterprises, Inc. in various capacities since 2008 and were most recently engaged to validate and augment the multi-year monthly financial modeling to facilitate the underwriting, structuring, and closing of this refinancing. Michael McCauley, President of Phoenix Capital Resources, said "We are pleased that the PNC Business Credit team was able to provide a flexible financing solution to meet Lane's objectives and provide the financial support for continued long-term success." To learn more about Phoenix, please visit http://www.phoenixcapitalresources.com/ or http://www.phoenixmanagement.com/
For 30 years, Phoenix has provided smarter, operationally focused solutions for middle market companies in transition. Phoenix Management Services® provides turnaround, crisis and interim management, specialized advisory and operational due diligence services for both distressed and growth oriented companies. Phoenix Transaction Advisory Services℠ provides quality of earnings, management/organizational review, business integration, sell-side business preparation and other transaction related support. 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®.
Michael J. McCauley