ISA lands $3M investment, $17.8M credit line

Jun 16, 2014 | 04:38 PM | Rey Mashayekhi

Tags  Daniel Rifkin, Industrial Services of America, ISA, Recycling Capital Partners, RCP, MetalX, Wells Fargo Bank, OmniSource Steel Dynamics

NEW YORK — Industrial Services of America Inc. (ISA) has received a $3-million investment from Recycling Capital Partners LLC (RCP), as well as a $17.8-million credit facility from Wells Fargo Bank NA.

As part of the deal, RCP—an investment entity principally owned by MetalX LLC president and chief executive officer Daniel M. Rifkin—will purchase 857,143 shares of ISA common stock at $3.50 per share, with Rifkin’s entity also receiving a five-year warrant to purchase an additional 857,143 shares at $5 per share. RCP also is entitled to designate one member of ISA’s board and has "certain right of first refusal rights with respect to additional....

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