Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

Metals USA to refinance debt

Keywords: Tags  Metals USA, term loan, secured notes, refinance, Lourenco Goncalves

CHICAGO — Metals USA Inc., a subsidiary of Metals USA Holdings Corp., has received commitments for, and intends to enter into, a new seven-year senior secured term loan of $225 million.

The term loan’s interest rate is expected to be 6.25 percent, compared with a rate of 11⅛ percent on Metals USA’s outstanding senior secured notes due 2015. The proceeds of the term loan will be used to refinance the 2015 notes.

The Fort Lauderdale, Fla.-based company took the step in light of the "current attractive condition of the credit markets," company chairman, president and chief executive officer Lourenco Goncalves said in a statement. The transaction will reduce annual interest expenses by roughly $10 million, he said.

Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Latest Pricing Trends