Horsehead Announces Recent Liquidity Additions
Horsehead Holding announced the completion of transactions that have added in excess of $35 million of liquidity. Its wholly owned subsidiary, INMETCO, entered into a new, three-year senior secured revolving credit facility with Wells Fargo Bank.
The new facility provides for borrowings of up to $15 million and is secured by substantially all of the tangible and intangible assets of INMETCO.
Horsehead also completed the sale of an additional $20 million in aggregate principal amount of its 10.50% senior secured notes due 2017 at an issue price of 106.5%. These additional notes were issued pursuant to a supplemental indenture, dated as of June 3, 2013, and an indenture, dated as of July 26, 2012.
The company entered into the new credit agreement and sold the additional notes to support liquidity needs for its new, state-of-the-art zinc and diversified metals production facility under construction in Mooresboro, NC and for general corporate purposes.
Horsehead Holding is a U.S. producer of specialty zinc and zinc-based products and a recycler of electric arc furnace dust.
The International Metals Reclamation Company (INMETCO) is a recycler of metals-bearing wastes and a processor of nickel-cadmium batteries in North America.