WYOMISSING, Pa., March 24 /PRNewswire-FirstCall/ -- Sovereign Bank
announced today that the bank's Asset Based Lending group provided a $7.8
million asset-based secured credit facility to Pecora Corporation, a
manufacturer of sealants, coatings and caulk products based in Harleysville,
PA. The new credit facility, comprised of a revolving line of credit and term
loans, is being used to refinance existing indebtedness and provide for
ongoing working capital requirements.
Pecora is distinguished by its reputation for strong technical expertise
in formulating and producing high quality sealants for use in the construction
and maintenance of commercial buildings and facilities. The majority of
Pecora's sales are derived from urethane, silicone and acrylic products, with
ancillary product offerings in the sealant market, further distinguishing them
in the marketplace.
Sovereign Bank Asset Based Lending, with offices in Massachusetts, New
Jersey, New York, Pennsylvania and Rhode Island, provides specialty structured
financing for many types of businesses throughout the eastern United States.
Along with other divisions of Sovereign, including Business Alliance Capital
Co. ("BACC"), Capital Markets, International Trade Services and Global Cash
Management, the Asset Based Lending team are expert at developing customized
solutions to help companies leverage their working and fixed assets to meet
significant financing initiatives.
About Sovereign Bank
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company
of Sovereign Bank, a $64 billion financial institution headquartered in
Wyomissing, Pa., with more than 650 community banking offices, over 1,000 ATMs
and approximately 10,000 team members with principal markets in the Northeast
United States. Sovereign offers a broad array of financial services and
products including retail banking, business and corporate banking, cash
management, capital markets, wealth management and insurance. Sovereign is the
18th largest banking institution in the United States. For more information on
Sovereign Bank, visit http://www.sovereignbank.com or call 1-877-SOV-BANK.
Sovereign Bank, its logo and lantern are service marks of Sovereign Bank
or its affiliates or subsidiaries in the United States and other countries.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
CONTACT:
Ellen Molle of Sovereign Bank,
+1-617-757-5404, or +1-617-757-5573, or Cell - +1-617-548-9932,
emolle@sovereignbank.com
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