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Fifth Third Business Capital Provides a New $15 Million Senior Credit Facility to Support the Refinancing of Puraglobe Syntainics, LLC
August 18, 2022
By Fifth Third Business Capital
Fifth Third Business Capital announced it has provided a new $15 million senior credit facility, consisting of a capital expenditure facility and revolving line of credit to support the refinancing of Puraglobe Syntainics, LLC.
About Puraglobe Syntainics, LLC
Puraglobe Syntainics, LLC blends, packages, and distributes sustainable, full synthetic motor oils for passenger cars and motorcycles. The Company collects used motor oil globally and re-engineers it into API Group III base oil, which is sold directly to customers or blended to make sustainable, full synthetic motor oils. Syntainics is part of a global operation, Puraglobe Holdings, and is based in the Port of Tampa. Learn more about Puraglobe Syntainics by visiting www.puraglobe.com
About Fifth Third Business Capital
Fifth Third Business Capital provides creative asset-based financing to middle market companies throughout the United States and Canada from $5 million and up. The team serves manufacturers, distributors, service companies, and retail chains with sales from $25 million and up, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, capital expenditures, and turnarounds. Fifth Third Business Capital provides flexible structures that include revolving lines of credit and term loans, all supported by accounts receivable, inventory, equipment, real estate, and intangibles. As part of the overall financing, Fifth Third Business Capital also selectively considers cash flow term loans supported by sufficient operating earnings to repay these loans in a timely manner.
Fifth Third Business Capital is a division of Fifth Third Bank, National Association. Credit products are subject to credit review and approval and mutually acceptable documentation. In the United States deposit and credit products offered by Fifth Third Bank, National Association. Member FDIC. Equal Housing Lender.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2022, the Company had $207 billion in assets and operates 1,080 full-service Banking Centers, and 2,153 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 56,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2022, had $512 billion in assets under care, of which it managed $54 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
