Steel Products Prices North America
Liberty Steel USA Gets $40M Term Loan
December 12, 2022
Liberty Steel USA has raised a $40 million term loan with Eclipse Business Capital to refinance its existing term loan before its maturity in January.
The company said that in addition to the new term loan, it has increased existing asset-based lending (ABL) with Eclipse to $150 million from $125 million.
This additional liquidity will help the wire rod producer build on its performance through 2022, which included the successful restart of its Georgetown rod mill in South Carolina, Liberty Steel USA said.
“The successful refinancing of our term loan and the enhancement of our ABL with Eclipse Business Capital off the back of strong results this year shows the growing confidence in the future of our business, and concludes our current financing needs,” Axel Ampolini, executive vice president of Liberty Steel USA, said in a statement.
Liberty Steel USA, part of global integrated steel business Liberty Steel Group, has 2 million metric tons of annual rolling capacity.
By Ethan Bernard, Ethan@steelmarketupdate.com
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