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Noranda announces $50 million incremental term loan facility and $15 million incremental ABL commitments
Edited by : AL CIRCLE
1 min read
Noranda Aluminum Holding Corporation announced that Noranda Aluminum Acquisition Corporation, its wholly-owned subsidiary, has entered into an incremental term loan facility in the amount of $50 million under its existing term loan credit agreement. The new loans will mature in 2019. AcquisitionCo will use the net proceeds from the new loans for general corporate purposes.
Separately, the Company announced that AcquisitionCo has entered into an incremental asset-based revolving credit facility, consisting of $15 million in additional commitments on a "first-in, last-out" basis, under its existing asset-based revolving credit agreement. No funds were drawn under the incremental ABL at closing. Loans under the incremental ABL will mature in 2017. AcquisitionCo will use the proceeds of any such loans for general corporate purposes.
"By opportunistically accessing credit markets through these transactions, we have further strengthened our financial flexibility and liquidity position," said Layle K. (Kip) Smith, Noranda's President and Chief Executive Officer.
Separately, the Company announced that AcquisitionCo has entered into an incremental asset-based revolving credit facility, consisting of $15 million in additional commitments on a "first-in, last-out" basis, under its existing asset-based revolving credit agreement. No funds were drawn under the incremental ABL at closing. Loans under the incremental ABL will mature in 2017. AcquisitionCo will use the proceeds of any such loans for general corporate purposes.
"By opportunistically accessing credit markets through these transactions, we have further strengthened our financial flexibility and liquidity position," said Layle K. (Kip) Smith, Noranda's President and Chief Executive Officer.
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