Neptune-based hydraulic and pneumatic seals manufacturer Sterling Consolidated Corp. announced today it has secured a $2.45 million senior secured note from Customers Bancorp Inc. The capital will be used to refinance existing debt, acquisitions and related costs.
According to the announcement, the terms of the transaction include a stepped up line of credit to $1.25 million with a variable rate of 3.75 percent initially, as well as a $1.2 million commercial mortgage with a rate of 4.5 percent termed out over five years. The financing closed on October 9.The transaction was arranged and negotiated by New York based advisory services firm, Madison Park Advisors LLC.
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