Wise Metals Group has raised $225 million in new capital for the firm through an offering of senior secured notes and additional bank credit.
Of the total amount raised, $150 million came in the form of high-yield bonds, according to David F. D’Addario, chairman and CEO, with the balance consisting of a $75 million revolver secured by a first-priority lead in inventory and receivables.
“For Wise Metals Group, this new arrangement provides long-term, stable financing,” D’Addario said, “which we secured at time when many believe interest rates soon will be on the rise.”
Wise Metals Group LLC is the parent company of Wise Alloys, Wise Recycling and Listerhill Total Maintenance Center. Based in Muscle Shoals, Ala., Wise Alloys is the No. 3 producer of aluminum can stock for the beverage and food industries in the world. It is an environmentally friendly company that relies heavily on recycled aluminum in the production of its can stock.
Wise Recycling is one of the largest, direct-from-the-public collectors of aluminum beverage containers in the United States, operating shipping and processing locations east of the Mississippi River that support a network of neighborhood collection centers.