Siena Lending Group completed a $13.4 million asset-based revolving and term loan credit facility for Wise Recycling I, an affiliate of DADA Holdings. The facility was used to refinance Wise’s prior senior secured debt and to support the company’s working capital needs.
Founded in 1998, Wise recycles scrap metals for individuals/groups, serving the commercial and industrial markets in the U.S. and internationally. The company collects, sorts, processes and sells ferrous and non-ferrous scrap metals and buys aluminum, brass, copper, insulated copper, lead/zinc, stainless steel, steel, E-scrap and other metals. The company’s services include providing timely and market-related pricing for the ferrous and non-ferrous metals; identification and pricing for scrap metals; flatteners, trailers, containers and pick up services; recycling materials and scrap destruction services and trailer and container services.
David Grende, president and CEO of Siena Lending Group, said, “We are pleased to have the opportunity to partner with Wise and DADA Holdings. We were able to provide a financing structure in a short timeframe that offered additional liquidity to accommodate the working capital needs of Wise. It was a pleasure working with Fred Cooper and the DADA team and we look forward to Wise’s continued growth and success.”
Fred Cooper, CEO of Wise, said, “Wise needed a solid lending partner who could quickly acquire knowledge of our business and have flexibility to respond swiftly to changing market conditions. Siena was able to construct a financing package which effectively addressed these objectives for us in a condensed timeframe. Their entire team was extremely professional and diligent throughout our process and now we are in a better position to grow our company and service our customers. We look forward to working together and building our partnership.”