SOUTHFIELD — Citizens Bank led $33 million of new senior secured credit facilities for McKechnie Vehicle Components USA Inc. a manufacturer of interior and exterior decorative trim products for the automotive industry. Citizens Bank closed $20 million in senior secured credit facilities of the $33 million credit package, as the agent in a two-bank transaction.
“This transaction provides MVC the capital needed to expand our chrome plating capacity and to invest in an exterior trim paint line in order to serve our customers’ needs,” says Linda Torakis, president.
McKechnie Vehicle Components designs, develops and produces chrome plated and painted plastic trim products for light vehicle original equipment manufacturers and Tier 1 suppliers. The company also manufactures stainless steel stamped and buffed products.
In addition to leading the transaction, Citizens will become MVC’s primary depository and cash management provider.