Fleet Capital Corporation, one of the United States's largest asset-based lenders, announced today that it served as agent for a US$100 million senior secured credit facility to Columbus McKinnon Corporation, a leading worldwide designer and manufacturer of material handling products, systems and services. Fleet Securities, Inc. was sole lead arranger of the senior secured facility and placed US$70 million in a second lien secured term loan. Columbus McKinnon has been a Fleet customer since 1986.
"The asset-based credit facility from Fleet Capital provides flexibility and liquidity to refinance existing debt and provide ongoing working capital requirements," said Columbus McKinnon President and CEO, Timothy T. Tevens. "This transaction also gives us the means to manage our business through difficult economic times."
