NEW YORK Flat-rolled aluminum producer Wise Metals Group LLC has entered into agreements to increase its working capital facility to $345 million from $270 million.
The bank group will be led by San Francisco-based Wells Fargo and include Charlotte, N.C.-based Bank of America NA; Birmingham, Ala.-based Regions Financial Corp.; Providence, R.I.-based RBS Citizens Financial Group Inc.; and Norwalk, Conn.-based GE Capital.
The company plans to use a portion of the proceeds to replace higher-interest debt and begin projects designed to improve productivity.
"This financing, combined with our plans for continued growth, further demonstrates the value of Wises flat-rolled aluminum assets and the strength of our business model," Monte Schaefer, Wise Metals Group executive vice president and chief financial officer, said in a statement. "We are encouraged by the markets demand and favorable response to this refinancing and appreciate the support and commitment of our bank group."
Muscle Shoals, Ala.-based Wise Metals Group includes Wise Alloys LLC and Listerhill Total Maintenance Center LLC, both of Muscle Shoals; Wise Recycling, Clayton, N.C.; and Alabama Electric Motor Services LLC, Sheffield, Ala.