Daily News: January 7, 2014

GE Capital Agents $340MM in Facilities for Wise Metals

GE Capital, Corporate Finance today announced it is serving as administrative agent on $340 million in revolving credit facilities for subsidiaries of Wise Metals Group. The facilities will be used to fund the company’s growth and ongoing working capital needs. GE Capital Markets served as sole lead arranger and joint bookrunner on the facilities.

Wise Metals Group is headquartered in Muscle Shoals, AL. Its principal divisions include Wise Alloys, the nation’s third-largest producer of aluminum can stock for the beverage industry, and Wise Recycling, one of the largest direct-from-the-public collectors of aluminum beverage containers in the U.S. In addition, Wise provides maintenance, fabrication and repair to manufacturing and industrial plants worldwide, and sells and repairs industrial electric motors.

“GE Capital demonstrated patience and a willingness to understand our strategy and vision, then tailored a solution that provided more than just capital,” said Monte Schaefer, executive vice president and chief financial officer of Wise. “Wise values having a lender that knows the metals industry and downstream markets we serve and delivers support and services that enable us to grow and expand our business.”

“It’s an honor to be chosen to lead these facilities for Wise,” said Paul Feehan, senior managing director, metals and mining at GE Capital, Corporate Finance. “We focus on providing creative capital solutions to companies in the metals industry to help them grow.”