BofA Provides ABL Facility as Part of Noranda Refinancing
Noranda Aluminum Holding Corporation announced that it has completed a refinancing of its senior secured credit facility, including both its term loan facility and revolving credit facility. Noranda entered into a new, seven-year $325 million senior secured term loan facility agreement and repaid the remaining $78 million term loan balance outstanding under its previous senior secured credit facility. Noranda also entered into a new $250 million asset-based revolving credit facility, which was undrawn at closing. Bank of America, is the administrative agent under the company asset-based revolver.
“Our ability to opportunistically refinance our senior secured credit facility and extend our debt maturity profile was supported by both our healthy balance sheet and the strength of the global capital markets,” said Layle K. (Kip) Smith, Noranda’s president and CEO.
Noranda Aluminum Holding Corporation is a North American integrated producer of value-added primary aluminum products, as well as high quality rolled aluminum coils.