We Get the Deal Done
We deliver consistent and reliable capital in all phases of the business cycle. It’s more than confidence of execution. It’s a Done Deal.
We are a specialty finance company serving middle market companies and private equity sponsors, expanding on the capabilities of PNC Business Credit.
We deliver consistent and reliable capital in all phases of the business cycle. It’s more than confidence of execution. It’s a Done Deal.
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.
$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
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.
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.
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.
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 Secured Finance Network (formerly the Commercial Finance Association), and the Turnaround Management Association.
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.
Walter B. Hill is Senior Vice President & Group Head of Steel City Capital Funding for PNC Business Credit. He is responsible for Steel City and related first out cash flow offerings through one team focused on providing the best solution for the opportunity based on investment strategy and capital allocation.
Hill joined PNC in 2002 and has served in several sales and treasury management roles, including business development officer for PNC Business Credit’s Upper Midwest region. He was most recently responsible for key unitranche partnerships through first out offerings.
Hill is the recipient of multiple sales awards, including the Summit and Chairman's Circle awards. He received his B.S. from Penn State University.
Hill is a member of the Association for Corporate Growth and the Turnaround Management Association.
*A portion of the funding provided by Steel City Capital Funding, a division of PNC Bank. Steel City Capital Funding provides Cash flow-based senior debt, junior secured, and second lien loans for sponsored and non-sponsored transactions.
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