Arch Chemicals secures $80M credit line from PNC

Arch Chemicals gains $80 million credit line from PNC Bank, replacing SunTrust funding

• On 11:02 am EDT, Thursday October 8, 2009

NEW YORK (AP) -- Chemical maker Arch Chemicals Inc. said Thursday it secured a credit line from PNC Bank for $80 million in funding.

The credit line is an accounts receivable securitization facility with PNC Bank and its Market Street Funding LLC affiliate, and it replaces the company's previous line of credit with SunTrust Bank and its affiliates.

Arch's CFO Steven Giuliano said the loan is "an attractive source of funding which fits well with the seasonal nature of our working capital needs, as well as our strategy of maintaining diversified sources of liquidity."

Shares of the company rose 58 cents to $30.54 in morning trading.