Capco Steel, LLC, a Providence, R.I.-based structural, miscellaneous and ornamental steel fabrication and erection company, has received $26m in financing from Webster Bank, a subsidiary of Webster Financial Corporation (NYSE: WBS).
The financing package includes a $20m revolving line of credit and a $6m term loan.
The $6m term loan includes a $5m bond Webster will purchase from the Rhode Island Industrial and Recreational Bond Authority.
The loan funds will be used to refinance the company’s existing debt and to fund future growth.
Commenting on the deal, Mike Caparco, Sr., CEO of Capco Steel, was reported as saying: “In 2008, we made a decision to diversify our business to take advantage of the high end ornamental steel market, and started to refurbish and buy new equipment, right as the recession hit.
“We continued with our investment, because we believed in the potential to grow our business. With this commitment from Webster Bank, we have the investment we need to grow our company and add employees”.