Prime Commercial Lending

Jan 3, 2013

Renovation work begins this fall on the Sibley Building. Click on the image for a slideshow. Eber Bros. is in a legal fight with the Pension Benefit Guaranty Corp. Tapping into a business model mostly used in larger cities has led to growth at Inde. New hotels add to Rochester's hospitality scene, but their impact is not yet certain. The new Golisano Children's Hospital is dedicated. Diamond Packaging does $34 million partner buyout Rochester Business Journal December 31, 2012 Prime Commercial Lending LLC said Monday it organized a $34 million partner buyout for Diamond Packaging Holdings LLC. Diamond CEO Karla Fitcher engaged the Albany-based lender to secure financing for several pieces in the capital stack, Diamond Packaging reported. A capital stack is the totality of capital invested in a project, including pure debt, hybrid debt and equity. The structure of the buyout consisted of a $34 million capital stack, including $24 million in a senior debt facility with a revolving credit line, term debt for equipment and the partner buyout. Additionally, the financing package included a capital raise of equity, mezzanine finance and junior debt, which allowed for a leveraged buyout of a 50 percent partner without an equity injection from the purchasing partner. The company is not disclosing the names of the partners. Prime was able to achieve the leveraged buyout with 24 percent equity participation from the lender, allowing the buying partner to retain significant majority interest in the company. Diamond Packaging ranked 26th on the most recent Rochester Business Journal list of manufacturers with 230 workers. “We are delighted that once again our services and expertise overcame the complicated issues this transaction presented,” said Kris Roglieri, president and CEO of Prime Commercial Lending, in a statement. Prime Commercial Lending provides capital directly and indirectly for commercial real estate finance as well as to small, midsize and large businesses. (c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net . There are no comments yet. Be the first to add yours! Post Your Own Comment