Phoenix IB Advises Spray Products in Successful $40 Million Refinancing

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PHILADELPHIA, Nov. 6, 2024 ~ Phoenix IB, a subsidiary of J.S. Held, recently closed a $40 million loan package with Legacy Corporate Lending for their long-term client, Spray Products Corporation. As an independent licensed broker-dealer under federal and state securities law (CRD#: 132710/SEC#: 8-66628), Phoenix IB acted as the exclusive investment banker in arranging, structuring, and negotiating the financing.

According to Michael Jacoby, Senior Managing Director at Phoenix IB, the company is thrilled with the credit package they were able to secure for Spray Products. He noted that there was a lot of interest from various lenders, both regulated and non-regulated. However, Legacy Corporate Lending stood out by taking the time to understand Spray Products' business plan and tailoring a solution that met their specific needs.

Spray Products Corporation is a leading custom contract manufacturer of aerosol and liquid consumer products. The proceeds from this financing will be used to refinance the company's existing credit facilities and provide additional working capital for future growth and capital expenditures.

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Peter Bastian, Executive Vice President of Spray Products LLC, expressed his satisfaction with the closing of the new financing with Legacy Corporate Lending. He also praised Phoenix IB for their guidance throughout the transaction process. Bastian believes that through this partnership with Legacy, they have found a firm that shares their values and is committed to supporting their next phase of growth.

Legacy Corporate Lending LLC specializes in providing revolving credit facilities and term loans to businesses across diverse industries in alliance with Bain Capital Credit, L.P. Their goal is to provide alternative funding options for companies seeking alternatives to traditional bank lending or syndicated lending markets.

Clark Griffith, CEO of Legacy Corporate Lending LLC, commended Phoenix IB for their professionalism and fairness during the refinancing process for Spray Products. He also appreciated their responsiveness to questions and understanding of finding the best borrower/lender fit in such a competitive market.

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Doug Greer, Chief Financial Officer of Spray Products, also praised Phoenix IB for their efforts in understanding the intricacies of their business and working closely with them to develop a financing structure that meets their needs for the next several years. He believes that their collaboration will continue to benefit the company well beyond this engagement.

Phoenix IB offers capital raising services tailored to meet the specific needs of their clients, from start-ups with growth potential to mature companies undergoing corporate turnarounds. According to Managing Director Steven C. Warsaw, every transaction they close reflects their precision, perseverance, and partnership with their clients. He also mentioned that the high level of interest in financing Spray Products resulted in a highly competitive process, and they are pleased to have selected Legacy's loan package as the best fit for the company's future growth plans.
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