FirstMerit Bank Business Credit announced it closed a new $25 million revolving loan facility to Worldwide Electric Corporation on December 2, 2015. Proceeds of the facility were used to refinance existing debt and to provide working capital.
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.
Worldwide Electric Corporation, headquartered in Rochester, NY, is a wholesale distributor of electric motors, motor controls, gears and drives.