NEW YORK, July 14, 2022 (GLOBE NEWSWIRE) -- Phoenix IB, a leading middle market situations investment bank, acted as the exclusive financial advisor and investment banker to Polymeric Resources Corporation in arranging, structuring, and negotiating a refinancing of $30 million through Citizens. The new refinancing consists of a Revolving Line of Credit, a Capital Expenditure Line of Credit, and a Delayed Draw Term Loan. The proceeds from the new refinancing will be utilized to refinance existing debt and facilitate future growth.
Headquartered in Wayne, NJ, Polymeric 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 45 years of experience, it is a proven supplier to the automotive, wire and cable, injection molding, and carpet fiber industries.
Citizens is one of the nation’s oldest and largest financial institutions. Headquartered in Providence, Rhode Island, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.
Phoenix IB was engaged by Polymeric Resources Corporation to refinance the company. Vince Colistra, Senior Managing Director who led the refinancing effort with the support of Kevin Barr, Director at Phoenix IB commented, “Polymeric has been a client of Phoenix for over 15 years and we are pleased to be able to arrange these cash flow facilities from Citizens.”
About Phoenix:
Phoenix IB® provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements. Phoenix IB is a U.S. registered broker-dealer and member of FINRA and SIPC. Proven. Results®.
If you would like to learn more about Phoenix, please visit http://www.phoenixmanagement.com/ or http://www.phoenix-ib.com/
Contact: Jessica Zwirzina
484-841-6812
Jzwirzina@phoenix-IB.com
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/adf55213-d8fd-49d2-bfac-9892f313b756
