Empire Resources Announces Entry Into New $200 Million Credit Agreement
FORT LEE, N.J., May 3, 2011 /PRNewswire/ -- Empire Resources, Inc. (OTCQX: ERSO), a distributor of value added, semi-finished metal products, announced today that it has entered into a new working capital credit agreement with Rabobank International, for itself and as Lead Arranger and Agent, JPMorgan Chase, for itself and as Syndication Agent, and ABN AMRO, BNP Paribas, RBS Citizens, Societe Generale, and Brown Brothers Harriman. The $200 million secured, asset-based credit facility matures on June 30, 2014 and refinances the Company's existing $175 million credit agreement which would have matured on June 30, 2011. The Agreement also allows a onetime additional increase in the line of credit of up to $50 million, subject to certain restrictions.
Sandra Kahn, Chief Financial Officer, commented, "We are very pleased to have partnered with seven prominent banks for our working capital needs and are appreciative of their strong support. We are gratified that this support, and substantial interest in our Company, came both from our existing lenders and from new banking relationships."
Empire Resources, Inc., is a distributor of a wide range of semi-finished metal products to customers in the distribution, transportation, automotive, housing, appliance and packaging industries in the United States, Brazil, Canada, Australia, New Zealand and Europe. It maintains supply contracts with mills around the world.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks include, but are not limited to, the ability of the company to grow internally or by acquisition and to integrate acquired businesses, not being able to improve operating margins and efficiencies, changing industry and competitive conditions, and other risks referred to in the Company's publicly available statements and periodic reports.
SOURCE Empire Resources, Inc.
Share this article