Finance costs reduced for R.R. Street
R.R. Street & Co., also known as Street’s, is one of the largest manufacturers of dry cleaning process additives, stain removal agents and filtration products in the U.S. Over its 137-year history, Street’s has continued to design, develop and market high quality cleaning processes for the professional cleaning industry.
Street’s was in the capital markets to improve its balance sheet and cost of debt capital. Their commercial bank looked to CapX to provide a second lien mezzanine tranche underneath their revolving line of credit and term loan to give Street’s long-term debt capital as well as lower their borrowing cost. CapX provided a tailored $2.8 million subordinated loan that met both the bank and Street’s needs.
According to Marc Beard, Executive Vice President and General Counsel of Street’s, “Jeff Pfeffer and his team at CapX went beyond just offering competitive debt financing terms. CapX extensively negotiated mutually beneficial business terms that provide our Company with the flexibility to execute our strategic business plans. The hallmark of a true lending partner.”
R.R. Street & Co., Inc. is headquartered in Naperville, IL and has a long history within the professional cleaning industry. The company’s products include detergents, stain removal agents, fabric finishes, filtration cartridges, dry cleaning solvent and boiler compounds. Street’s was founded in 1876 and is a privately owned company.
