ALJ subsidiary refinances facility, buys back series A preferreds

By Jennifer Chiou

New York, June 4 - ALJ Regional Holdings, Inc. announced that its operating subsidiary, KES Acquisition Co., has refinanced its senior credit facility and repurchased 6,564 shares of its 13% series A preferred stock at a discount to par.

According to a news release, KES generated future cash savings of $4.6 million through the transactions.

In addition, ALJ said it repurchased a portion of its subordinated debt at a discount for future cash savings of $400,000.

ALJ is the parent company of KES Acquisition (dba Kentucky Electric Steel), the owner and operator of a steel mini-mill near Ashland, Ky.

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