New Star Metals Holdings plans $250 million credit facility

By Sara Rosenberg

New York, Feb. 24 - New Star Metals Holdings LLC has received a commitment for a $250 million senior secured credit facility, according to a DEFM14A recently filed with the Securities and Exchange Commission.

The facility consists of a $160 million term loan and a $90 million revolver.

GSO Capital Partners LP is the lead on the term loan and PNC Bank is the lead on the revolver.

Proceeds will be used to help fund the acquisition of Material Sciences Corp. for $12.75 per share in cash.

New Star is a Chicago-based provider of steel processing, building products and supply chain management.

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