Ormet obtains $160 million senior secured revolving credit facility

By Sara Rosenberg

New York, June 4 - Ormet Corp. said it closed on a $160 million senior secured revolving credit facility, which will be used to refinance an existing revolver and accounts receivable securitization and also provide working capital. Fleet Securities was lead arranger for the syndication.

"We are particularly proud of the fact that we were able to finalize this facility during a period of transitioning in the banking industry, when many lenders have exited the industrial loan market, and at a challenging time for the U.S. aluminum industry, which is suffering from the effects of depressed metal prices," said R. Emmet Boyle, president, chairman and chief executive officer, in a news release.

Ormet Corp. is a Wheeling, W.Va. aluminum maker.

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