Monroe Capital Provides $45 Million to AmeriCast Technologies, Inc.
Chicago, IL, September 23, 2005
Monroe Capital LLC announced the funding of a $45 million junior secured credit facility for AmeriCast Technologies, Inc., a portfolio company of KPS Special Situations Funds. Monroe Capital’s term loan, in conjunction with a $50 million senior credit facility from Wachovia Capital Finance, was used to assist AmeriCast in refinancing its existing debt, providing a distribution to its shareholders, a term loan for potential acquisitions and for ongoing working capital purposes.
AmeriCast, headquartered in Atchison, Kansas, is a designer, manufacturer and supplier of high-engineered steel and iron castings and machined components for customers such as Caterpillar, General Electric and Electro-Motive. Their products include truck assemblies (undercarriages) for transit rail systems, bowl castings used in rock crushers and axle housings used in mining trucks. The company operates two steel foundries (Atchison, KS and Amite, LA), an iron foundry (Prospect, MN), and two machining operations (St. Joseph, MO and London, Ontario).
Theodore L. Koenig, President and Chief Executive Officer of Monroe Capital, said, “We are very pleased to be involved in financing quality companies with quality equity sponsors. We look forward to a long and mutually rewarding relationship with AmeriCast and KPS.”
Tom Armstrong, President and Chief Executive Officer of AmeriCast, said, “I am proud of the results of our operations. This new term financing completed by Monroe Capital evidences the progress we have made in a relatively short time. We look forward to working with Monroe Capital as one of our important business partners.”
Michael Psaros, Managing Partner of KPS Special Situations Funds, said, “The Monroe Capital team stepped up and did everything we asked of them. We are very pleased that we could complete this financing transaction with them for AmeriCast.”
Monroe Capital is a specialty finance company devoted to providing innovative capital to middle-market businesses. Monroe Capital specializes in originating, structuring and providing customized financing to corporate, real estate, media and communication, and asset-based borrowers based in the U.S. and Canada in amounts of $3 million to $40 million, with an ability to agent and syndicate larger transactions. These investments include senior and junior secured debt as well as bridge loans to companies in need of immediate access to capital in order to take advantage of investment opportunities; flexible acquisition facilities for acquirers of opportunistic assets; mezzanine or last-out second loans that stretch a company’s debt capacity; acquisitions of distressed debt; and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. To learn more about Monroe Capital, visit www.monroecap.com.