US Bank Asset Based Finance Gives Refinancing To New Star Metals
U.S. Bank Asset Based Finance, a leader in asset based finance nationwide, and Aurora Resurgence, an affiliate of Aurora Capital Group, a Los Angeles-based private equity firm with more than $2 billion of assets under management, today announced the successful refinancing of New Star Metals Inc. U.S. Bank is the lead arranger of a four-year, $65 million revolving credit facility for New Star Metals, a major operator of steel service centers in the Midwest, according to the U.S. Bank release.
U.S. Bank was selected for delivering a comprehensive asset based lending solution, which included competitive financing and treasury management services. This flexible access to capital will allow New Star Metals to grow and expand through investing in its current business and through potential acquisitions.
“We delivered a market-leading solution under a tight timeline that we believe will offer significant value over the long-term,” said Sam Philbrick, president of U.S. Bank Asset Based Finance. “We are dedicated to supporting New Star Metals’ strategic goals and, in conjunction with the resources provided by Aurora, we have built a strong financial foundation for the company’s future.”
“The U.S. Bank team did an outstanding job, efficiently bringing a best-in-class financing package to the company. Their attractive structure allows substantial, readily available capital for New Star Metals’ continued strong growth,” said Anthony DiSimone, managing partner of Aurora Resurgence.
“The transition to U.S. Bank was very smooth and we are already capitalizing on the benefits of the relationship,” said Patrick Murley, chief executive officer of New Star Metals.
(Source: U.S. Bank)