Wells Fargo, FGI Equipment Finance Provide $56.7MM Credit Facility to Core Molding

Core Molding Technologies closed a new credit facility with Wells Fargo and FGI Equipment Finance. The new credit facility is a combination of $31.7 million of new term loan capacity and $25 million of revolving loan capacity. Upon closing the new credit facility, Core Molding Technologies borrowed $30 million of term loans and $8.7 million of revolving credit loans to repay its existing credit facility and pay transaction fees. As a result of the refinancing, Core Molding Technologies is no longer in default on any of its outstanding debt and has alleviated the doubt about the company’s ability to continue as a going concern.

Core Molding Technologies and its subsidiaries operate as a molder of thermoplastic and thermoset structural products. The company’s operating segment consists of two component reporting units, Core Traditional and Horizon Plastics.

Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.