Daily News: June 22, 2017

BofA Business Capital Provides $84MM ABL to Scrap Metal Services

Bank of America Business Capital provided $84 million in credit facilities to Scrap Metal Services.

Facilities include a $60 million asset-based revolving credit facility, a $24.4 million term loan and a $4 million capital expenditure credit line. Proceeds were used to refinance existing debt and simplify the previous debt structure and will be used to support the company’s strategic plans.

Scrap Metal Services (SMS) is a privately-held company, headquartered in Burnham, IL. Founded in 2005, its businesses include traditional scrap processing as well as steel mill services and intermodal, truck, container and railcar dismantling, ship and oil rig recycling, and logistics and brokerage operations.

Jeff Gertler, CEO of SMS said, “Bank of America Merrill Lynch has provided a flexible financing solution to support our future growth while also dramatically lowering our cost of debt. We value their responsiveness, international capabilities as well as their ability to grow the credit facilities in conjunction with our growth.”

“Bank of America Merrill Lynch is pleased to support Scrap Metal Services as it grows its traditional scrap processing business as well as its strategic mill services partnerships. Jeff and Rick Gertler are outstanding operators in the scrap business, and we look forward to providing them with the full resources of Bank of America,” said Jeff McLane, president of Bank of America Business Capital.