PNC Bank has closed a $50 million asset-based loan for Hamilton metals, Inc., one of the biggest stocking distributors of corrosion resistant alloys (CRAs), such as duplex, chrome and nickel-based alloys, for the oil and gas industry.
The transaction also includes capital markets and foreign exchange services. The Houston-based company has already reported that they plan to use the funds to refinance existing debt as well as provide ongoing working capital.
The PNC Financial Services Group is one of the largest US financial services organizations providing retail and business banking.