Wise Metals upsizes revolver to $278 million, extends maturity

By Sara Rosenberg

New York, April 22 - Wise Metals Group LLC increased the size of its revolving credit facility to $278 million from $207.5 million and extended the maturity to May 2010, according to a news release.

In addition, the revolver now has a $22 million accordion feature.

The upsizing was made possible as a result of a new up to $100 million commitment from Retirement Systems of Alabama.

As part of the new commitment, Wise will also simultaneously be refinancing certain equipment that had previously been financed with the Retirement Systems of Alabama. The term of this financing is also being extended to May 2010.

Wachovia Capital Finance is the lead agent on the revolver.

"This funding will help Wise Metals Group continue improving and expanding its operations," said David D'Addario, chairman and chief executive officer, in the release. "The added investment from RSA and our other financial partners is vital to keeping pace with the growing demands from new and existing customers in markets here and abroad."

Wise Metals is a Baltimore-based producer of aluminum can stock, direct-from-the-public collector of aluminum beverage containers, and provider of maintenance, repairs and fabrication to manufacturing and industrial plants.

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