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Wise completes sale of $650M in secured notes

Keywords: Tags  Wise Metals, Wise Alloys, Monte Schaefer, Muscle Shoals, Nathan Laliberte


NEW YORK — Wise Metals Group LLC has announced the closing of its new senior secured notes and a new working capital revolver.

The company’s private offering of $650 million in 8.75-percent senior secured notes due 2018 is secured by certain of its assets and underwritten by Bank of America Merrill Lynch, Wells Fargo Securities and Houlihan Lokey, Inc.

Wise has also established two new working capital facilities totaling $340 million led by GE Capital, Corporate Finance consisting of a $320-million revolver for its rolled aluminum products business headquartered in Muscle Shoals, Ala., and a $20-million revolver for the company’s recycling business headquartered in Clayton, N.C.

"These transactions enable Wise to capitalize on today’s favorable financial market conditions, lower our overall cost of borrowing, and extend our debt maturities beyond completion of our ongoing capacity expansion," said Monte Schaefer, executive vice president and chief financial officer of Wise, in a statement.

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.


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