Bastech LLC (Jacksonville, FL), a leading provider of performance chemical solutions to the paper/pulp and mining industries, completed a $14 million refinancing with SunTrust Bank. The proceeds were used to repay its remaining senior and subordinated debt and to expand its credit facilities. The senior term and revolver financing allowed Bastech to substantially lower its interest costs and provides ample funding for future working capital needs.
Bastech sales have grown more than 350% since the 2007 acquisition by Cave Creek Capital and Courtney Group and its financing needs have grown larger and more complex. President, Bob Closs, noted, “SunTrust will be an excellent partner going forward as we continue to expand and service our client’s growing needs, particularly as our sourcing and sales grow outside of the United States”.
Cave Creek Capital Contact:
Jourdin Lambright, Marketing Associate
Phone: (480) 478-6960