FirstMerit Bank Business Credit announced it closed two recent financings totaling $33.5 million. The transactions are as follows:

Porcelain Industries, Inc.

FirstMerit Bank Business Credit announced it closed a new $5.5 million revolving credit loan facility to Porcelain Industries, Inc. on May 1, 2013.  Proceeds of the facility were used to refinance existing debt and provide ongoing working capital.  

Porcelain Industries Inc. is a high performance surface protection company headquartered in Dickson, Tennessee.

Formed Fiber Technologies, Inc.

FirstMerit Bank Business Credit announced it closed a new $28 million revolving credit loan and term loan facilities to Formed Fiber Technologies, Inc. on May 17, 2013.  Proceeds of the facility were used to facilitate the purchase of the company by Detroit Technologies, Inc. ownership group and provide ongoing working capital.

Formed Fiber Technologies, Inc. is a leading manufacturer of highly engineered thermoformed components, nonwoven fabrics and polyester staple fabrics for automotive industry headquartered in Bingham Farms, Michigan.

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.