Toggle nav

Junior Secured & Second Lien Lending

Steel City Capital Funding (SCCF), a division of PNC Bank N.A.

We are a specialty finance company serving middle market companies and private equity sponsors, expanding on the capabilities of PNC Business Credit.

Request Contact

Fill out our form below to connect with our team.

Get Started

Let's Talk

Connect with our team to get started today.

Find Representative

Our Approach

Steel City's experienced team of lending professionals understands that potential goes beyond the numbers, accounting for your management team, your systems and processes, products, services and your market position.

Our extensive transactional experience allows us to understand your company. And, by understanding your company, we understand how to deliver solutions. As a division of PNC Bank, we remain a reliable funding source through market cycles and can provide a complete suite of complementary banking products and services across a wide range of industries. When creative financing alternatives are required, Steel City, in conjunction with PNC Business Credit, can be a ready source of capital for growing businesses.

Lending Criteria

Senior Steel City professionals average over 20 years of lending experience and can structure innovative and flexible senior debt buyouts, acquisitions, growth capital, recapitalizations and refinancings to get deals done.

Most of our lending relationships fit the following criteria:

$5-30 million target hold — With ability to underwrite larger amounts, and maturities up to 5 years with flexible amortization schedules

Primary Industries — Of manufacturing, retail, wholesale, distribution and service

EBITDA — Greater than $5 million

Stable History — Of sustainable revenue and cash flow


Like what you see? Contact us to get started »

We Get the Deal Done

At PNC Business Credit and Steel City Capital Funding, “Done Deal” is not a tagline. It’s who we are.

Consistent, creative, reliable capital in all phases of the business cycle delivered by leading dealmakers who are experts in their field. With us, it's more than confidence of execution. It’s a done deal.

Lending Solutions

From cash flow-based senior term loans, and junior secured and second lien term loans for sponsored and non-sponsored transactions, Steel City’s extensive industry expertise recognizes the value of a company offering expanded access to capital.

Junior Secured & Second Lien Lending

When senior lending doesn’t get you where you need to grow, junior secured lending through Steel City may be an answer. By leveraging capital with pricing more favorable compared to unsecured mezzanine debt and without diluting equity, junior secured lending can fill important gaps in your capital structure and provide the critical financing needed to achieve your goals.

Stretch Cash Flow

When a traditional asset based or cash flow structure is insufficient, a stretch cash flow layer of financing may be a good fit. As a hybrid structure between cash flow and asset based senior lending, companies are able to obtain the capital they need when asset value or cash flow by themselves may not be enough to meet their objectives.

$1.8+ Billion

  in junior secured, second lien and stretch cash flow commitments


Want to learn more? Check out our brochure »



Our Team

More than 20 years of consistent industry leadership.

Joseph Antinozzi

SVP & Senior Managing Director

joseph.antinozzi@sccfunding.com
410-638-2015

Read Bio »

Brian MacConnell

President, Specialty Products

brian.macconnell@sccfunding.com
561-912-0449

Read Bio »

Jon Westberg

SVP & Managing Director

jon.westberg@sccfunding.com
312-454-2924

Read Bio »

David Gittleman

Senior Managing Director

david.gittleman@sccfunding.com
404-877-5818

Read Bio »

Michael S. Wagner

EVP & Portfolio Manager

michael.wagner@pnc.com
215-585-5171

Read Bio »

Joseph Antinozzi is Senior Vice President and Senior Managing Director for Steel City Capital Funding.

He is responsible for all origination activities for Steel City Captial Funding. Working closely with PNC Business Credit, Antinozzi provides product coverage for under-collateralized term loans, cash flow loan facilities and second lien term loans, working closely with PNC Business Credit. Prior to joining Steel City, he was a managing director at Ally Commercial Finance (formerly GMAC Commercial Finance), responsible for originating new business opportunities from the private equity community. Antinozzi has many years of experience in structuring and closing cash flow and asset based lending arrangements, including senior positions with Bank of America and Heller Financial. He received his B.S. from Fordham University and his MBA from Georgia State University. Antinozzi is a member of the Association for Corporate Growth. 

David Gittleman is Senior Managing Director for Steel City Capital Funding.

He is responsible for all aspects of deal origination, structuring and closing of cash flow solutions in combination with senior asset based loans – both independently and in support of business development officers throughout the U.S. Prior to joining Steel City, Gittleman structured and raised senior and junior capital for a broad range of industry sectors at Twenty10 Financial. Previously, he was President and Chief Executive Officer of Cratos Capital Partners, a specialty finance company. Gittleman has many years of senior financial services advisory experience with Wells Fargo Foothill, FinanStar Group (which he founded), Hunter Capital Group, Wachovia Bank Corporate Finance (which he led) and Bankers Trust. Gittleman received his B.A. from Rutgers University and his MBA from Cornell University, Johnson School of Management. He has held Series 7, 24 and 63 licenses.

Brian MacConnell is President, Specialty Products, for Steel City Capital Funding.

He is responsible for oversight of PNC Business Credit’s specialty lending products, including Steel City Capital Funding, a provider of cash flow and 2nd lien financing; the Technology Finance Group, which leverages the recurring revenue of sponsor-backed software companies; and the Cerberus PNC Senior Loan Fund LLC, a provider of large first-out cash flow financings. MacConnell joined PNC Business Credit in 1997 as one of its founding members, with responsibility for oversight of the creation of more than $6 billion in new client loans in support of middle market leveraged buyouts, mergers and acquisitions, recapitalizations and restructurings. Most recently, he served as Executive Vice President and Eastern Division Executive for PNC Business Credit. MacConnell received his bachelor’s degree from Syracuse University and his MBA from Rutgers University. He is a member of the Association for Corporate Growth, the Commercial Finance Association and the Turnaround Management Association.

Michael S. Wagner is EVP & Portfolio Manager for Steel City Capital Funding.

He is responsible for oversight of underwriting and portfolio management nationally. Additionally, Wagner has oversight of the PNC Business Credit Specialty Products Channel Finance portfolio and was involved in the initial start up of this venture. 

Wagner joined The PNC Financial Services Group in 1992. He began his career in the credit training program at Continental Bank and previously served as a marketing and portfolio officer for Fidelity Bank. Wagner was a regional manager with sales and portfolio responsibilities for the Philadelphia asset based portfolio at PNC Bank. With the formation of PNC Business Credit, his roles included sales manager, regional portfolio manager for the middle market, healthcare, and asset based products in the Mid-Atlantic. Wagner also served as the Eastern portfolio manager and was Region Executive for the Northeast and Mid-Atlantic regions.

He received his bachelor’s degree from Drexel University.

Wagner is a member of the Turnaround Management Association and served on the National Board of Trustees. He is also a member of the Association for Corporate Growth and has served in various officer capacities with the Commercial Finance Association.

Jon Westberg is SVP & Managing Director for Steel City Capital Funding.

He is responsible for deal origination, structuring and closing of cash flow solutions in combination with senior asset based loans – both independently and in support of business development officers throughout the U.S.

Westberg joined PNC in 2015 as a business development officer covering equity sponsors in the Chicago area. Prior to joining PNC, he worked for Lake Capital, where he led the middle-market private equity firm’s debt financing activity for new investments and portfolio companies, and J.P. Morgan Securities, where he originated and arranged multi-lender loans and high yield bonds in the bank’s Syndicated & Leveraged Finance division.

Westberg received his B.S. from Miami University and his MBA from the University of Chicago Booth School of Business.

He is a member of the Association for Corporate Growth.

Contact Us

As PNC Business Credit unlocks the asset value of your business with on-going working capital, the incremental capital from Steel City is often the key ingredient to getting the deal done.

Related Resources

The PNC Financial Services Group, Inc. All rights reserved.