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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.
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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.
$330,000,000
Revolving Line of Credit & Term Loan
Generic & Over-the-Counter Drug Manufacturer
$85,000,000
DIP Revolving Line of Credit
Metals, Services & Supply Chain Solutions Provider
$125,000,000
Exit Revolving Line of Credit
Metals, Services & Supply Chain Solutions Provider
$30,000,000
Revolving Line of Credit
Specialty Chemicals Provider
a portfolio company of
ACON Investments, L.L.C.
Undisclosed
Revolving Line of Credit & Term Loan
Fluid Milk Manufacturing & Distribution
$82,500,000
Revolving Line of Credit & Term Loan
Structural Steel Component Fabricator
a portfolio company of
Brynnwood Partners*
$94,500,000*
Revolving Line of Credit & Term Loan
Beverage Manufacturer & Marketer
a portfolio company of
The Gores Group
$42,500,000*
Revolving Line of Credit & Term Loan
Aerospace Component Maintenance & Repair Provider
C$38,000,000
Revolving Line of Credit
Construction Management Solutions Provider
a portfolio company of
Madison Dearborn Partners
$40,000,000
Recurring Revenue
DNS & Security Solutions Provider
Strattam Capital
C$17,100,000
Revolving Line of Credit & Term Loan
Financial Services Software Solutions Provider
a portfolio company of
Silversmith Capital Partners
Undisclosed
Recurring Revenue
Corporate Learning Management System Provider
a portfolio company of
KPS Capital Partners, LP
$65,000,000
Revolving Line of Credit
Power Conversion & Electrical Power Storage Systems Provider
a portfolio company of
Alpine Investors, LP
Undisclosed
Recurring Revenue
School Business Software Applications Provider
a portfolio company of
TZP Group, LLC
$45,000,000*
Revolving Line of Credit & Term Loan
Professional IT Staffing Services Provider
a portfolio company of
Primary Capital Partners LLP
Undisclosed
Revolving Line of Credit & Term Loan
Specialist Plant Hire
a portfolio company of
Waud Capital Partners
Undisclosed
Recurring Revenue
Electronic Health Records & Practice Management Software
a portfolio company of
The Carlyle Group
$410,000,000*
Revolving Line of Credit & Term Loan
A Workforce Solutions Company
a portfolio company of
Marlin Equity Partners
Undisclosed
Recurring Revenue
Telecom and Mobile Expense Management Software Provider
C$77,500,000
Revolving Line of Credit & Term Loan
Steel Processing Service Center
$55,000,000
Revolving Line of Credit & Term Loan
Full-service Transportation Management Provider
$180,000,000
Revolving Line of Credit
Scrap Metal Recycling
$150,000,000
Revolving Line of Credit
Global Media & Entertainment Provider
a portfolio company of
BlueArc Capital Partners, LLC & Gladstone Investment Corporation
$40,000,000*
Revolving Line of Credit & Term Loan
Bowling Products Producer
a portfolio company of
Insight Equity
$37,000,000*
Revolving Line of Credit & Term Loan
Electronics Manufacturing Service Provider
a portfolio company of
WM Partners, LP
$80,000,000*
Revolving Line of Credit & Term Loan
Nutritional Supplement Manufacturer
$175,000,000
Revolving Line of Credit
Specialty Apparel Retailer
$200,000,000
Revolving Line of Credit
Oilfield Services Provider
$85,000,000
Revolving Line of Credit
Eyecare Services Provider & Retailer
a portfolio company of
One Equity Partners
$80,000,000
Revolving Line of Credit
Products Manufacturer
a portfolio company of
AE Industrial Partners, LLC
$150,000,000
Revolving Line of Credit
Engineering, IT & Staffing Solutions Provider
a portfolio company of
KPS Capital Partners
$225,000,000
Revolving Line of Credit
Golf Equipment Designer & Manufacturer
a portfolio company of
Serent Capital
Undisclosed
Recurring Revenue
Procure-to-Pay Solutions Provider
a portfolio company of
Alpine Investors, LP
Undisclosed
Recurring Revenue
Telecom Market Data & Analytics Provider
a portfolio company of
GI Partners
Undisclosed
Recurring Revenue
Financial Services Software Solutions Provider
Have a deal you would like to profile with one of our leading dealmakers? Contact us to get started »
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+ 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 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 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 Executive Vice President and Portfolio Manager for Steel City Capital Funding.
He is responsible for oversight of underwriting and portfolio management nationally. 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.
Important Legal Disclosures & Information
PNC is a registered mark of The PNC Financial Services Group, Inc. ("PNC"). PNC Business Credit is the senior secured lending division of PNC Bank, National Association ("PNC Bank") and its subsidiaries, and is part of PNC. In Canada, PNC Bank Canada Branch, the Canadian branch of PNC Bank, provides bank deposit, treasury management, lending (including asset-based lending) and leasing products and services. Deposits with PNC Bank Canada Branch are not insured by The Canada Deposit Insurance Corporation or by the United States Federal Deposit Insurance Corporation. In the UK, lending products are provided by PNC Financial Services UK Ltd., which is an indirect wholly-owned subsidiary of PNC Bank. Lending and leasing products and services, as well as certain other banking products and services, require credit approval.
*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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