Formetco, LLC. announced today that it recently closed a new $15 million debt facility with Fifth Third Bank. Proceeds from the new facility were used to refinance existing debt and provide additional liquidity to fund future growth.
DULUTH, Ga., March 13, 2024 /PRNewswire-PRWeb/ -- Formetco, LLC. ("Formetco" or "the Company") announced today that it recently closed a new $15 million debt facility with Fifth Third. Proceeds from the new facility were used to refinance existing debt and provide additional liquidity to fund future growth.
Formetco, founded in 1968 and headquartered in Duluth, GA., provides hardware and digital products and services to the Outdoor Advertising and the Sports and Recreation markets. The Company, based on its significant growth, and consistent financial results was able to receive multiple term sheets from some of the most impressive financial institutions in the world. Ultimately, the Company selected Fifth Third due to its competitive pricing, flexible structure, and its unwavering support of the Formetco three-year growth plan.
Eric Pogue, Formetco's Vice President of Corporate Strategy and Finance commented, "It was important for Formetco to work with a bank that understood our business and was committed to support our continued growth. The bankers at Fifth Third are pros. They were meticulous in their due diligence and highly responsive to our team. We were successful in securing a debt facility that both lowered our cost of capital and provided ample working capital for continued growth. It was a pleasure to work with the Fifth Third team."
Ray Shrader, Fifth Third senior vice president and middle market banking relationship manager said, "This is the result of many years of collaboration, and we are excited to work with a dynamic, growing company such as Formetco. It is our top priority to offer tailored, thoughtful solutions to our clients which help them grow and achieve their business objectives."
About Formetco
Founded in 1968 and headquartered in Duluth, GA, Formetco has researched, designed, and developed thousands of innovative digital and hardware products for the Outdoor Advertising industry. Formetco Sports, a business unit of Formetco, is a market leader in designing, manufacturing, and installation of digital LED displays and other products that enhance the game day experience for High Schools, Colleges, and Professional Sports venues across the United States.
About Fifth Third
Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.
Media Contact
Daniel Hooper, Formetco, LLC., 1 678-951-1215, [email protected], www.formetco.com
SOURCE Formetco, LLC.
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