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Keywell Metals financing closed

Keywords: Tags  Keywell Metals SGK Ventures, PNC Bank, Prophet Equity, recycler, Frank Haflich


LOS ANGELES — PNC Bank NA has closed on $25 million in senior secured financing for titanium, stainless steel and high-temperature alloys recycler Keywell Metals LLC, the bank said.

The financing includes a $20-million asset-based revolver, a $5-million term loan and treasury management services, PNC Bank said.

The funds assisted in the acquisition late last year of the assets of Keywell LLC by Southlake, Texas-based Prophet Equity LP (amm.com, Dec. 16), and also will provide working capital financing, according to Pittsburgh-based PNC.

Prophet Equity bought Keywell out of federal bankruptcy proceedings for $15.8 million.


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