Arch Chemicals, Inc. announced today that it has entered into a trade accounts receivable securitization facility with PNC Bank and its affiliate, Market Street Funding LLC, which will provide up to $80 million of funding to the Company.
This facility replaces the Company’s previous securitization facility with SunTrust Bank and its affiliates; and it follows the Company’s recent completion of its seven-year, $75 million private placement in September and its $100 million term loan completed earlier in the year.
“We are pleased to have closed on this receivables securitization facility,” said Arch Chemicals’ senior vice president and CFO Steven C. Giuliano. “It is an attractive source of funding which fits well with the seasonal nature of our working capital needs, as well as our strategy of maintaining diversified sources of liquidity.”
