Westlake Securities advises SolvChem on Amegy Bank credit facility expansion
Westlake Securities said it advised SolvChem on an expanded senior credit facility from Amegy Bank to support growth and new production capacity.
Westlake Securities said it advised SolvChem on an expanded senior credit facility from Amegy Bank to support growth and new production capacity.
Westlake Securities said Tuesday that it served as exclusive financial adviser to SolvChem, Inc. in securing an expanded senior credit facility from Amegy Bank, a division of Zions Bancorporation, N.A.
The financing is intended to support SolvChem's continued growth, according to the release. It also includes advancing term loans to help fund construction and equipping of new production capacity as the project moves forward, along with expanded revolving capacity for organic growth.
Westlake said this was its second engagement with SolvChem.
SolvChem is headquartered in Pearland, Texas, and the release describes it as a branded and private-label chemical consumer products manufacturer and chemical distributor that specializes in custom chemical blending and packaging services. The company is described as a family business for more than 55 years.
The release also included background on the lender and adviser. Amegy Bank said it has about $14 billion in assets, about 1,000 employees and more than 75 locations across Houston, Dallas-Fort Worth and Central Texas. Westlake Securities said it was founded in 2003, is based in Austin, Texas, and has closed more than $6.7 billion in transactions.
SolvChem CEO Jean-Pierre Baizán said the facility expansion was “the natural next step in our growth plan” and would give the company “the capital to keep investing in our capacity and our customers.” Westlake Managing Director Jon D'Andrea said the closing of a second transaction showed the strength of the relationship with SolvChem and described the deal as “a multi-facility credit structure built around a significant capital project.”
The release said the expanded credit facility is meant to support the construction and equipment rollout tied to the new production capacity and to give the company additional revolving capacity as it grows.
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