Bank of America Business Capital announced that it has provided a $100 million revolver and $17.5 million in term loans for the recapitalization and expansion of Primary Steel, LLC. Ironwood Manufacturing Fund, LP, Ironwood Capital and company management provided equity investments.

Primary Steel is a leading distributor and processor of steel products. The loan will be used to support Primary Steel’s growth, and provide ongoing working capital and capital expenditures. Banc of America Securities is lead arranger for the credit facility. Bank of America also will provide letters of credit and treasury management products and services.

"We have been a long-term client of Bank of America and are delighted that the bank continues to deliver the right financing solution for our needs," said Primary Steel Chairman Charles Pompea. "We were pleased with their knowledge of the steel industry, strength in leading syndicated deals, and ability to deliver financing in a short time frame."

"We were impressed with the client's seasoned management team, as well as its ability to build its market position in a cyclical industry," said Joyce White, president of Bank of America Business Capital. "This loan provides the financial flexibility for Primary Steel to continue to execute its plan of organic and acquisition-driven growth."

Headquartered in Middletown, Conn., Primary Steel, LLC is one of the top five distributors of steel plate in the United States. The company also processes and distributes flat rolled coil and pipe products. Primary Steel has more than 2000 customers across a wide variety of industries including construction, transportation, industrial equipment and shipbuilding. The company operates six facilities (Chicago, Ill.; Oakland, Calif.; Santa Fe Springs, Calif.; New Castle, Del.; West Memphis, Ark.; and Middletown, Conn.) located in close proximity to the nation's major steel producers and customers.

With offices in Avon, Conn., and New York, N.Y., Ironwood Manufacturing Fund, LP invests in middle market companies for buyouts, recapitalizations and growth. Established in 2003, the fund has provided growth capital for several market-leading manufacturers.

With offices in Boston, Mass., and Avon, Conn., Ironwood Capital manages approximately $150 million of capital through two investment funds. Ironwood makes equity and mezzanine investments in middle-market businesses both as a lead investor and in collaboration with investment partners.

Bank of America Business Capital is one of the world's largest asset-based lenders, with 20 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management, interest rate, precious metals and foreign exchange risk management, and a broad array of capital markets products.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company serves 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,600 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98% of the U.S. Fortune 500 companies and 85% of the Global Fortune 500.