Phoenix IB, a part of J.S. Held, a middle market special situations investment bank, acted as the exclusive investment banker to its long-term client, Spray Products Corporation, in arranging, structuring, and negotiating a $40 million loan package with Legacy Corporate Lending.
"Phoenix IB is delighted with the credit package we were able to arrange for Spray Products," noted Michael Jacoby, a senior managing director at Phoenix IB. "Not surprisingly, there was a lot of interest from a variety of lenders, both regulated and non-regulated. The Legacy team spent the time to understand the Company and its business plan, and tailored a solution that fit Spray's needs and will provide the necessary support for years to come."
Spray Products is a leading custom contract manufacturer of aerosol and liquid consumer products.
Proceeds from the financing will be utilised to refinance the company's existing credit facilities and fund additional working capital to finance its continued growth and capital expenditures.
Peter Bastian, executive vice president of Spray Products, said: "We could not be more pleased with the closing of our new financing with Legacy Corporate Lending and the guidance we received throughout the transaction from Phoenix IB. The Phoenix team was able to successfully communicate our story, and through our new facility with Legacy, we are confident we have partnered with a firm that shares our values and is excited to support Spray's next phase of growth."
Spray Products receives $40 million loan package
