Experience
National Tube Holding Company, Inc.$6,060,000
Corporate FinanceMarch, 2009
Deal Team:
Goodloe White, Kip Porter
National Tube Holding Company, Inc. retained Porter, White & Company as its financial advisor in connection with the refinancing of its credit facilities. National Tube is a manufacturer of copper tubing that sells various sizes, thicknesses and shapes of copper tubing and assembled parts to customers producing a variety of heating, air conditioning, refrigeration, electrical, and control equipment.
During the second half of 2008, copper prices fell from over $4/lb to below $1.5/lb, creating a strain on working capital credit lines. Porter, White & Company assisted National Tube in analyzing its exposure to copper prices and developing short term weekly cash flow projections and longer term monthly financial statement projections. PW&Co also drafted an information memorandum to approach new sources of capital. In connection with the marketing, PW&Co met with prospective lenders and assisted the company in responding to information requests and in negotiating a term sheet.
In the midst of the 2008-2009 financial crisis, Porter, White & Company was able to secure a new working capital and term loan facility that allowed National Tube to focus on making the changes to its business that were necessary to weather the recessionary environment.
