Santander Bank Arranges $225 Million Deal with Purolite

Rhea-AI Summary

Santander Bank has successfully arranged a $175 million term loan and a $50 million revolver for Purolite Corporation, aiding its capital project funding and liquidity enhancement. As the second largest manufacturer of ion-exchange resins, Purolite will utilize the funds to replenish its senior secured facility and continue its growth trajectory. Santander's relationship with Purolite allowed for an efficient loan process, especially critical during the onset of COVID-19. This partnership underscores Santander's commitment to supporting business development in challenging times.

Positive

• Santander arranged a significant financing deal of $225 million to support Purolite's growth.
• The loan enhances Purolite's liquidity and allows the company to fund capital projects.

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• None.

BOSTON, June 23, 2020 /PRNewswire/ -- Santander Bank today announced that its Commercial Banking division acted as joint lead arranger for a $175 million term loan and $50 million revolver to Purolite Corporation ("Purolite") to facilitate additional spending on capital projects and enhance liquidity. The deal will enable Purolite, the second largest international manufacturer of ion-exchange resins, to replenish its previous senior secured facility and maintain the rate of its business growth.

"We're pleased to continue our partnership with Purolite by aiding the company through the next phase of its business development and beyond," said Joseph Sigle, Market Director, Mid-Atlantic Middle Market Banking at Santander Bank. "Our long-standing relationship with Purolite has allowed us to deeply understand the business's needs and operations, which helped us complete this loan process efficiently."

Founded in 1981 by brothers Steve and Don Brodie, Purolite produces ion-exchange resins that facilitate the separation of different materials from one another. The company, headquartered in King of Prussia, PA, manufactures products in the U.S., U.K., China and Romania, and sells them to an international market across the water treatment, mining, food, pharmaceutical and life sciences industries.

"Santander continues to be a trusted partner in addition to a financial provider," said James Downey, Chief Financial Officer at Purolite. "At a challenging juncture during the start of the COVID-19 outbreak, we greatly appreciate the team's ability to move swiftly and facilitate the loan quickly." 

Santander Bank, N.A. is one of the country's largest retail and commercial banks and an active provider of capital, treasury management, risk management and international solutions. Santander earns the loyalty of its commercial banking clients by offering services that help them manage their operating needs, maximize their working capital and grow their businesses domestically and internationally. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe, and Latin America. For more information, please visit www.santanderbank.com/us/commercial.

Media Contacts:      
Laurie Kight
214-801-6455  
laurie.kight@santander.us

Nancy Orlando
617-757-5765
nancy.orlando@santander.us

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SOURCE Santander Bank

FAQ

What financial deal did Santander Bank arrange for Purolite Corporation?

Santander Bank arranged a $175 million term loan and a $50 million revolver for Purolite Corporation.

How will the funding from Santander benefit Purolite Corporation?

The funding will enhance Purolite's liquidity and facilitate additional capital projects.

What is the significance of the loan arrangement for Santander Bank?

This arrangement demonstrates Santander Bank's strong partnership with Purolite and its ability to support businesses during challenging times.

What impact does the loan have on Purolite's business operations?

The loan allows Purolite to replenish its senior secured facility and maintain its growth rate.

When was the loan arrangement between Santander and Purolite announced?

The loan arrangement was announced on June 23, 2020.