Content provided in partnership with

Business Services Industry

Wise Metals Group LLC Announces Revolving Credit Increase

Business Wire, April 22, 2008

BALTIMORE -- With a new commitment from the Retirement Systems of Alabama (RSA) for up to $100 million, Wise Metals Group LLC (Wise) today announced an expansion of its existing $207.5 million revolving credit agreement. The new revolver will allow for drawings up to $278 million with a Wise option to increase to $300 million.

Terms of the agreement include an extension to May 2010, according to Wise Metals Group Chief Financial Officer Ken Stastny. The lead agent bank of the newly expanded revolver remains Wachovia Capital Finance with other major financial institutions continuing as participants along with both the Employees' Retirement System of Alabama and the Teachers' Retirement System of Alabama.

Most Popular Articles in Business: Research and Markets : Tesco Plc - SWOT Framework Analysis; Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors; eBay made easy: ready to start an eBay business? These 5 simple steps will ...; Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...; Wal-Mart's newest distribution center opened last month near the southwest ...; More »

As part of the RSA commitment, Wise will also simultaneously be refinancing certain equipment that had previously been financed with the RSA. The term of this financing is also being extended to May 2010.

"This funding will help Wise Metals Group continue improving and expanding its operations," said Wise Metals Group Chairman and Chief Executive Officer David D'Addario. "The added investment from RSA and our other financial partners is vital to keeping pace with the growing demands from new and existing customers in markets here and abroad."

RSA manages approximately $35.4 billion on behalf of its members and with this transaction has committed up to $205 million in funding to Wise Metals Group since 2006. In October 2007, Wise Metals Group announced an expansion of its relationship with RSA through a $75 million convertible preferred equity transaction, which is convertible to a 25 percent common interest of the company.

About RSA

The RSA currently manages 21 funds with aggregate assets of approximately $35.4 billion. The RSA is the 14th largest internally managed public pension plan in the world and consists of the Teachers' Retirement System, Employees' Retirement System, Judicial Retirement Fund, and the Public Education Employees' Health Insurance Plan.

About Wise Metals Group

Wise Metals Group LLC is the parent company of Wise Alloys, Wise Recycling and Total Maintenance Center. Based in Muscle Shoals, Ala., Wise Alloys is the world's third-leading producer of aluminum can stock for the beverage and food industries. Wise Alloys is a "high-purpose" company that relies heavily on recycled aluminum in the production of its can stock. Wise Recycling is one of the largest, direct-from-the-public collectors of aluminum beverage containers in the United States, operating shipping and processing locations east of the Mississippi River that support a network of neighborhood collection centers. Total Maintenance Center specializes in providing maintenance, repairs and fabrication to manufacturing and industrial plants worldwide ranging from small on-site repairs to complete turn-key maintenance.

Business Services Industry

Wise Metals Group LLC Announces Revolving Credit Increase

Business Wire, April 22, 2008

Find Research Guides for:

Find Featured Titles for: Technology

Most Popular Articles in Business

Most Popular Publications in Business