PNC Bank has provided $150 million in senior and junior secured financing for SMW Automotive, a portfolio company of Platinum Equity. The funds were used to partially fund the acquisition of SMW by Platinum Equity in the first quarter of this year and to provide for ongoing working capital needs.
SMW Automotive is an international Tier 1 supplier of automotive chassis and suspension parts and subassemblies. The company specializes in the design, engineering, validation, machining and assembly of cast iron, aluminum and forged steel automotive components. SMW Automotive is headquartered in Troy, MI (www.smwauto.com).
The junior secured financing was provided to SMW Automotive by Steel City Capital Funding, a division of PNC Bank that focuses on structured financial solutions. PNC Capital Markets led the syndication of both the senior and junior credit facilities.
PNC Bank is a member of The PNC Financial Services Group, one of the nation’s largest diversified financial services organizations, and is headquartered in Pittsburgh, PA (www.pnc.com).
