FirstMerit Provides Debt Facilities for Westminster Refinancing
April 26, 2013
The Sponsor Finance Group of FirstMerit provided $9.5 million in senior debt to refinance Westminster Cracker, a portfolio company of LaSalle Capital Group. Westminster is a Vermont-based manufacturer of oyster and snack cracker products, and was acquired by LaSalle in 2009. The facilities, which consisted of an $8 million term loan A and a $1.5 million revolver, refinanced the company's existing senior debt and a portion of its mezzanine debt, reducing its cost of capital. FirstMerit's Sponsor Finance Group focuses on providing enterprise value-based senior debt facilities to portfolio companies of middle-market PE sponsors.