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FirstMerit Equipment Finance Provides $10MM Lease Line to Sakthi Automotive

November 09, 2015, 07:00 AM
Related: FirstMerit

FirstMerit Bank Business Credit announced it closed a new $15,000,000 revolving loan facility to Sakthi Automotive on November 4, 2015.  Proceeds of the facility were used to refinance existing debt and provide working capital.
FirstMerit Equipment Finance also provided a new $10,000,000 lease line to Sakthi Automotive. Proceeds of the facility were used to refinance existing equipment debt, provide working capital as well as facilitate future equipment leasing needs. 

FirstMerit Bank Business Credit provides working capital and term loan facilities to middle–market companies for acquisitions, LBO’s, MBO’s recapitalizations, rapid growth, seasonal working capital build-up, and turnaround situations.

Sakthi Automotive is a Detroit-based sole source supplier of machined castings of safety critical components to the auto industry. 

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