01 August 2017

Miller Johnson Represents Ashland Foundry to Close Senior Secured Credit Facility

The Financing
In July 2017, Ashland Foundry & Machine Works, LLC and West Coast Foundry, LLC, as borrowers, and certain of their related affiliated entities, closed a senior secured credit facility with the PrivateBank and Trust Company. The proceeds were used to repay existing indebtedness and to fund the continued working capital needs of the companies.

Ashland Foundry is located in Ashland, Pennsylvania and manufactures complex, highly engineered steel, chrome iron and high alloy castings ranging in size from 50 pounds to 7,500 pounds primarily for OEM Pump manufacturers. West Coast Foundry provides a fully machined casting solution to its customers from facilities in Huntington Park, California.

Miller Johnson acted as legal advisor to the borrowers in the financing. Miller Johnson’s team was led by David Hall and included Anne Marie Carson (M&A and Finance), Loic Dimithe (Corporate), and Neil Williams (Tax).

Miller Johnson’s Finance Group
Miller Johnson’s finance practice group represents financial institutions and borrowers in various types of financing transactions, providing clients with key strategic advice, structuring financing transactions, analyzing the terms and availability of competing sources of capital, and negotiating and documenting transaction agreements.

Miller Johnson attorneys have experience in private placements of securities, including mezzanine and venture financings, traditional loans from banks and other lending institutions, public market debt financings, equipment lease financings and real estate lease financings, real estate development financings and business acquisition financings, among others.

Miller Johnson is ranked tier one with U.S. News & World Report’s Best Law Firms for both banking and finance law as well as bankruptcy and creditor debtor rights / insolvency and reorganization law. For further information, please contact David Hall at (616) 831-1743 or Max Barnes at (616) 831-1725.