NEW YORK Flat-rolled
aluminum producer Wise Metals Group LLC has entered into
agreements to increase its working capital facility to $345
million from $270 million.
The bank group will be led by
San Francisco-based Wells Fargo and include Charlotte,
N.C.-based Bank of America NA; Birmingham, Ala.-based Regions
Financial Corp.; Providence, R.I.-based RBS Citizens Financial
Group Inc.; and Norwalk, Conn.-based GE Capital.
The company plans to use a
portion of the proceeds to replace higher-interest debt and
begin projects designed to improve productivity.
"This financing, combined with
our plans for continued growth, further demonstrates the value
of Wises flat-rolled aluminum assets and the strength of
our business model," Monte Schaefer, Wise Metals Group
executive vice president and chief financial officer, said in a
statement. "We are encouraged by the markets demand and
favorable response to this refinancing and appreciate the
support and commitment of our bank group."
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.