PTC Group Holdings Receives $75M in Debt and Equity Financing
Summary
PTC Group Holdings Corp., a manufacturer of welded and DOM steel tubing and related products, received $75m in total financing.JPMorgan Chase provided a secured loan facility while affiliates of Black Diamond Capital Management, L.L.C., the company’s private equity sponsor, made an additional investment of $10m.The financings only involve PTC’s profitable specialty tubing and chrome bar business, which consists of eight manufacturing facilities in Western Pennsylvania and the Midwest.A separate entity, Kentucky-based PTC Seamless, which filed for bankruptcy protection in April 2015, is not a party to this financing.Major end–uses include construction and agricultural equipment, machinery and appliances, as well as automotive, heavy truck and energy applications.