Monroe Capital L.L.C., specialty finance company based in Chicago, reports it is funding a $45-million junior secured-credit facility for AmeriCast Technologies. The loan, along with a $50-million senior note from Wachovia Capital Finance, was used to help refinance AmeriCast’s debt, provide a distribution to shareholders, fund a term loan for potential acquisitions, and to provide ongoing working capital.
AmeriCast Technologies is a metalcasting and machining organization with two steel foundries (Atchison, KS and Amite, LA) and an iron foundry (Prospect, MN.) The group’s two machining operations are in St. Joseph, MO, and London, ON. Its products include truck assemblies (undercarriages) for transit rail systems, bowl castings used in rock crushers, and axle housings used in mining trucks. "I am proud of the results of our operations," stated Tom Armstrong, AmeriCast president and CEO. "This new term financing completed by Monroe Capital evidences the progress we have made in a relatively short time."