07 JANUARY 2016www.businesswire.com
JW Aluminum completes recapitalization to support strategic plans
Edited by : AL CIRCLE
1 min read
JW Aluminum Company announced that on December 29, 2015, it closed on a new $90 million asset based revolving credit facility. Proceeds from the new facility were used to pay off previous revolving loans. This refinancing completed the recapitalization of JWA that began in November of 2015 with a change in ownership and a $120 million reduction in debt.
The four and a half year facility provides improved liquidity and greater flexibility, enabling JWA to capitalize on favorable conditions in markets for continuous cast aluminium sheet and foil.
“As a long term domestic producer, we are committed to delivering exceptional experiences to both our customers and suppliers. This recapitalization enhances our financial strength so we can continue to be a reliable resource in the flat rolled aluminium market,” said Lee McCarter, Chief Executive Officer, “Proactively securing this asset based loan provides the flexibility to execute our strategic plans and provide value to all of our stakeholders, now and in the years to come.”
The four and a half year facility provides improved liquidity and greater flexibility, enabling JWA to capitalize on favorable conditions in markets for continuous cast aluminium sheet and foil.
“As a long term domestic producer, we are committed to delivering exceptional experiences to both our customers and suppliers. This recapitalization enhances our financial strength so we can continue to be a reliable resource in the flat rolled aluminium market,” said Lee McCarter, Chief Executive Officer, “Proactively securing this asset based loan provides the flexibility to execute our strategic plans and provide value to all of our stakeholders, now and in the years to come.”
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