WYOMISSING, Pa., Oct. 3 /PRNewswire/ -- Sovereign Bank announced today
that it has provided a $15,750,000 asset-based revolving credit facility to
OHM International, Inc. ("OHM"), an importer and wholesale distributor of
marble, granite, slate slabs and tile products. The credit facility,
comprised of a Revolving Line of Credit including Letter of Credit and
Capital Expenditure line facilities, is being used to refinance existing
debt and to provide for ongoing working capital.
"We are very pleased that OHM has chosen Sovereign for their banking
needs and we are excited about the opportunity to work with them in growing
their successful business," said Michael Maiorino, Executive Vice President
and Managing Director of Sovereign's Asset Based Lending group. "We believe
that Sovereign Bank is the right fit for OHM, as they are for us."
Pinakin Pathak, President and Founder of OHM International, Inc.
stated, "OHM is looking forward to a successful and prosperous relationship
with Sovereign. Our loan officer, Vince Giglio and Sovereign understands
our business and took the time to design a credit facility to meet our
current and future needs. We like the hands-on relationship we have with
Sovereign, and value the partnership we have developed."
OHM is an importer and wholesale distributor of natural marble,
granite, slate and tile products sourced from worldwide producers and sold
to the commercial and consumer fabrication marketplace. OHM has
showroom/warehouse locations in Charlotte, NC, Greensboro, NC, Nashville,
TN and Monroe Township (Jamesburg), NJ which serves as the company's
headquarters. OHM has built a reputation for product quality, selection and
price coupled with excellent customer service.
The Asset Based Lending division of Sovereign Bank, with offices in
Massachusetts, New Jersey, New York and Pennsylvania, 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 is
expert at developing customized solutions to help companies leverage their
working and fixed assets to meet significant financing initiatives.
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, an $89 billion financial institution with nearly
800 community banking offices, over 2,000 ATMs after giving effect to the
recently announced branding agreement in which Sovereign ATMs will be
placed in CVS/pharmacy locations and approximately 12,000 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 17th 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,
+1-617-757-5573, or cell, +1-617-548-9932, or
emolle@sovereignbank.com
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