Phoenix IB, part of J.S. Held, acted as the exclusive investment banker to its long-term client, Spray Products Corporation, in arranging, structuring, and negotiating a $40 million loan package with Legacy Corporate Lending.
“Phoenix IB is delighted with the credit package we were able to arrange for Spray Products,” noted Michael Jacoby, a Senior Managing Director at Phoenix IB. “Not surprisingly, there was a lot of interest from a variety of lenders, both regulated and non-regulated. The Legacy team spent the time to understand the Company and its business plan, and tailored a solution that fit Spray’s needs and will provide the necessary support for years to come.”
Spray Products is a leading custom contract manufacturer of aerosol and liquid consumer products. Proceeds from the financing will be utilized to refinance the Company’s existing credit facilities and fund additional working capital to finance its continued growth and capital expenditures. Peter Bastian, Executive Vice President of Spray Products LLC, shares, “We could not be more pleased with the closing of our new financing with Legacy Corporate Lending and the guidance we received throughout the transaction from Phoenix IB. The Phoenix team was able to successfully communicate our story, and through our new facility with Legacy, we are confident we have partnered with a firm that shares our values and is excited to support Spray’s next phase of growth.”
Legacy Corporate Lending LLC, in alliance with Bain Capital Credit, L.P., specializes in providing revolving credit facilities and term loans to businesses across diverse industries. The firm aims to facilitate access to capital for companies seeking alternatives to traditional bank lending or the syndicated lending market.
“We were extremely impressed with the refinancing process that Phoenix IB led for Spray Products,” said Clark Griffith, CEO of Legacy Corporate Lending, LLC. “The professionalism and fairness shown by Steven Warsaw, Michael Jacoby, and the team was refreshing to experience and appreciated in this competitive market. Our process was easy to navigate given the quality of the information, their responsiveness to questions, and the approach they took in understanding the best borrower/lender fit.”
Doug Greer, Spray Products Chief Financial Officer, adds, “Michael Jacoby, Steven Warsaw, and their team spent considerable time to understand the intricacies of our business and worked closely with us to develop a financing structure that meets our needs for the next several years. We believe that we will continue to see the benefits of their collaboration with our business well beyond our engagement.”
Across a broad spectrum of client types, from start-ups in an early stage with exciting growth potential to a mature company amid a corporate turnaround, Phoenix IB capital raising services are designed to provide tailored financing solutions across the capital structure, particularly for clients faced with complex growth or funding situations. “At Phoenix IB, every transaction we close reflects our precision, perseverance, and partnership with our clients,” shares Phoenix IB Managing Director Steven C. Warsaw. Mr. Warsaw continues, “The robust interest in financing Spray Products created a highly competitive process, and we are very pleased to have selected the loan package provided by Legacy, which we feel is best positioned to provide needed flexibility as Spray facilitates its next chapter of growth.”