PNC Bank has closed a USD100 million senior secured revolving credit for Apache Industrial Services, a portfolio company of Quantum Capital.
PNC Capital Markets led the syndication as sole lead arranger, and PNC Bank is serving as administrative agent.
Based in Houston, Texas, Apache Industrial Services provides a suite of services including scaffolding, coatings and linings, refractory, fireproofing and insulation to critical infrastructure. Apache serves the petrochemical, agricultural chemical, refinery, power generation, offshore energy and general industrial markets.
Apache will use the funds, in part, for its acquisition by Quantum, to refinance existing credit facilities, and to provide for ongoing working capital needs, including capital expenditures. The deal also includes additional capital markets and treasury management products.
