GRT Rubber nets 1st-lien debt backing acquisition

GRT Rubber Technologies LLC received $22.1 million in senior secured first-lien term debt as a follow-on investment from Main Street Capital Corp. to support the company's acquisition of Valley Rubber LLC.

The acquisition is seen as "significantly expanding the company's customer base and product offerings," according to a statement today from the companies.

Main Street Capital’s investment in GRT as of Sept. 30 included member units of Libor+700 secured debt, with holdings of $44.9 million and $16.8 million at fair value, according to Main Street Capital's 10-Q. The company has been an investment of Main Street Capital since 2014.

Paragould, Ark.-based GRT manufactures engineered rubber products, including conveyor belts and sheet rubber products.