Noranda Alumina LLC gets financial assistance to expand its business

Noranda Alumina that operates an alumina refinery in Gramercy, US, gets financial support from the Siena Lending Group LLC, a finance company offering asset based loans. Siena Lending Group LLC has also provides $30 million asset-based revolving credit facility for New Day Aluminium LLC to repay certain indebtedness.

The financial assistance will help the company to expand its business. The company produces up to 1.2 million metric tons of alumina per annum. Noranda Alumina LLC operates as a subsidiary of Noranda Aluminium Holding Corp.

Monte Schaefer, Chief Financial Officer of New Day and Noranda Alumina, said, “We continue to execute on our plan to solidify our financial model and grow Noranda Alumina’s business.”

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“This facility provides the company with financial security for its day-to-day operations along with the bandwidth to implement strategic and large-scale capital expenditures,” he concluded.

David Grende, President of Siena Lending Group, said, “We are pleased to provide this facility to New Day and partner with the company to help support their current working capital needs, as well as their future business plans.”