Santander’s American subsidiary served as joint lead arranger for $225 million in loans to American chemical company Purolite, the bank revealed Tuesday, as the lender positions itself to go after more mid-market financing deals.
The transaction consists of a $175 million term loan and a $50 million revolving credit facility. The firms did not provide further details on the conditions of the loans.
Pennsylvania-based Purolite is the world’s second-largest manufacturer of ion-exchange resins, which are primarily used in water and waste treatment, as well as in the mining, food, pharmaceutical and life sciences industries. It manufactures products in the U.S., U.K., China and Romania.
Purolite will use the funds “to facilitate additional spending on capital projects and enhance liquidity,” the companies said.
“We’re pleased to continue our partnership with Purolite by aiding the company through the next phase of its business development and beyond,” said Santander mid-Atlantic middle market banking director Joseph Sigle.
“Our long-standing relationship with Purolite has allowed us to deeply understand the business's needs and operations, which helped us complete this loan process efficiently,” he said.
In April, Santander shook up its U.S. leadership by tapping former HSBC North America CEO Joe Abruzzo to be the head of commercial banking for North America, a position that includes oversight of middle market initiatives like the Purolite deal.
His focus was on continuing the bank’s growth in certain geographical and vertical markets.
Purolite chief financial officer James Downey called Santander a “trusted partner,” adding, “At a challenging juncture during the start of the COVID-19 outbreak, we greatly appreciate the team's ability to move swiftly and facilitate the loan quickly.”