|
  |
Bank of America Business Capital provides $150 Million exit financing to Ormet Corporation
April 28, 2005
Glastonbury, CT – Bank of America Business Capital, one of the world’s largest asset-based lenders, announced today that it provided a $150 million revolving credit facility to aluminum manufacturer Ormet Corporation. The asset-based loan will be used to help Ormet emerge from bankruptcy and for ongoing working capital needs. Bank of America also will provide letters of credit and cash management products and services.
"Bank of America Business Capital was selected to lead this transaction primarily because of their ability to provide a creative loan structure and deliver a fully syndicated deal," said Ormet President and CEO Michael Williams. "This financing provides us with the financial flexibility to manage our business in a highly cyclical industry."
"We were impressed with the operational improvements made by management to help ensure the success of their restructuring plan,” said Joyce White, president of Bank of America Business Capital. “ With our knowledge of the aluminum industry and past relationship with Ormet, we were able to structure an asset-based loan that maximized the company’s borrowing power. “
Founded in 1956, Wheeling, West Virginia-based Ormet Corporation ( www.ormet.com ) is among the top four producers of primary aluminum in the United States and a leading supplier of aluminum products for the fabrication, extrusion and conversion markets. Ormet operates facilities in four states and employs approximately 2,000 people.
Bank of America Business Capital is one of the world’s largest asset-based lenders, with 19 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management, interest rate, precious metals and foreign exchange risk management, and a broad array of capital markets products. Visit www.bofa.com/businesscapitalnews for more information.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Note: We maintain Bank of America news releases on this site for archival purposes. Our news releases are believed accurate as of the date they are issued; however, they may become outdated over time, and should not be relied on as correct after their issue date.
Media may contact:
Andrew Schwartz, Bank of America Business Capital, 860.368.6016
mailto:andrew.schwartz@bankofamerica.com
|
|
