Bank of America, N.A. announces new senior secured asset-based lending revolving credit facility in favour of DI Group

On December 15, 2014, DI Purchaser Inc., Crossroads C&I Distributors Inc. and DI Intermediate Inc. and certain of their subsidiaries (collectively the “DI Group”), entered into a senior secured asset-based revolving credit facility in the principal amount of US$ 80 mn. The facility is agented by Bank of America, N.A, as Administrative Agent who also acted as Joint Lead Arranger and Bookrunner.

The financing occurred contemporaneously with the completed sale by the Audax Group of DI International to Advent Interest. Audax acquired DI in 2010 as a leading value-added distributor of specialty insulation with operations in the Gulf Coast and Mid-Atlantic US.

The DI Group is North America’s largest distributor of mechanical insulation serving industrial, commercial, marine, and railcar end-markets. DI Group supplies 42,000 products to over 9,500 customers through 64 branches in the US and Canada.

Norton Rose Fulbright Canada LLP represented Bank of America in Canada with a team consisting of Arnold Cohen, Amanda Fortuna and Melanie Dupuis-Giuliani.