Imco Recycling Inc., Irving, Texas, has announced that it has restructured its debt through the sale of notes and the creation of a new revolving credit line.
In a news release, the company says it has refinanced “virtually all of its existing indebtedness through the sale of $210 million of 10-3/8% senior secured notes due 2010 and the arrangement of a new, four-year $120 million senior secured revolving credit facility.”
Proceeds from the notes and initial cash accessed in the new credit line will be used to repay the company’s previous debts and to pay fees and expenses resulting from the refinancing.
Imco Recycling chairman and CEO Don V. Ingram says the series of moves “simplifies our capital structure, consolidates our debt into a long-term arrangement and makes funds available for future growth.”
Imco Recycling Inc. is one of the world’s largest recyclers of aluminum and zinc. The company has 22 U.S. production plants and five overseas facilities located in Brazil, Germany, Mexico and the United Kingdom.
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