FirstMerit Bank Business Credit Press announced it has closed two recent transactions. Details of these financings are as follows:

Zhongli North America
FirstMerit Bank Business Credit closed a new $15 million revolving loan facility, term loan facility and capital expenditure loan facility to Zhongli North America on October 26, 2015.  Proceeds of the facility were used for acquisition financing and to provide working capital.   

Zhongli Corporation, headquartered in Troy, MI, is a leading tier I and tier II supplier of rubber-to-metal bonded and plastic automotive assemblies and component parts.

Sakthi Automotive
FirstMerit Bank Business Credit announced it closed a new $15 million revolving loan facility to Sakthi Automotive on November 4, 2015.  Proceeds of the facility were used to refinance existing debt and provide working capital.

FirstMerit Equipment Finance also provided a new $10 million lease line to Sakthi Automotive. Proceeds of the facility were used to refinance existing equipment debt, provide working capital as well as facilitate future equipment leasing needs. 

Sakthi Automotive is a Detroit-based sole source supplier of machined castings of safety critical components to the auto industry. 

FirstMerit Bank Business Credit provides working capital and term loan facilities to middle–market companies for acquisitions, LBO’s, MBO’s recapitalizations, rapid growth, seasonal working capital build-up, and turnaround situations.