By Sheri Kasprzak
New York, June 22 - Metalico, Inc. is preparing to close a $36.722 million private placement of shares.
The company sold 5.246 million shares at $7.00 each.
Proceeds will be used for the acquisitions of two scrap metal recycling companies and for general corporate purposes. The acquisitions are expected to cost $63 million. The costs not covered by the placement will be paid for with the company's current senior secured loan and a new term loan facility.
Canaccord Adams, Inc. was the placement agent.
Based in Cranford, N.J., Metalico is a scrap metal recycling company.
| Issuer: | Metalico, Inc.
|
| Issue: | Stock
|
| Amount: | $36.722 million
|
| Shares: | 5.246 million
|
| Price: | $7.00
|
| Warrants: | No
|
| Placement agent: | Canaccord Adams, Inc.
|
| Announcement date: | June 22
|
| Stock symbol: | Amex: MEA
|
| Stock price: | $8.17 at close June 21
|
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