Tensar Announces Successful Closure of $175 Million Restructured Credit Facility With A Group of Lenders Agented By GE Antares Capital
ATLANTA, Ga. – April , 2012 –Tensar Corporation (“Tensar”) announced today the successful closure of a restructured $175,000,000 credit facility with a group of lenders agented by GE Antares Capital. The proceeds from the financing will provide Tensar the financial stability to focus on achieving its long-term revenue and profit growth objectives.
As a result of this restructuring, PineBridge and American Capital will join forces with Arcapita as sponsors of the Company.
“We are pleased to finalize this facility and are confident that with this funding and the continued support of our existing investors, Tensar is well-positioned for future financial success,” stated Don Meltzer, Tensar President & CEO. “We remain focused on growing and innovating to continuously improve our product offerings for our customers.”
Navigant Capital Advisors served as the financial advisor for the restructuring.
Tensar is a leading global developer and provider of proprietary products and engineering services used primarily in transportation, commercial and industrial construction, with strong cash flows and significant growth opportunities.
About Tensar Corporation
Headquartered in Atlanta, Tensar Corporation is a full-service provider of specialty products and engineering services that offer innovative and cost-effective alternatives to traditional construction methods. Tensar solutions are based on advanced soil reinforcement technologies and incorporate proprietary, engineered applications for commercial, industrial, municipal, residential and transportation infrastructure site development. The company specializes in solutions for common site development challenges, including grade changes requiring retaining walls and poor soil conditions affecting the cost of roadways, parking lots and building structures. Patented, polymeric Tensar® Geogrids and Tensar’s Geopiers® are the primary components of the company’s systems, offering reliable strength and durability. Contracted services include site evaluation, conceptual engineering, design, value engineering and installation advice. For more information, visit http://www.tensarcorp.com.
About GE Antares Capital
GE Antares is a unit of GE Capital. We are builders, not bankers. With offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. For more information, visit the GE Antares website at geantares.com.
Giovanna Falbo or Mary Zimmerman, Brunswick Group