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Kaiser Aluminum Announces Senior Secured Revolving Credit Facility

Metal News - Published on Tue, 05 Nov 2019

Image Source: spokesman.com
Kaiser Aluminum Corporation announced that it has entered into a USD 375 million five year senior secured revolving credit facility replacing its previously existing facility that was due to mature in December 2020. The new facility increases the lending commitment by USD 75 million and provides more favorable pricing and greater flexibility than the previous facility. As of the October 30, 2019 effective date, borrowing availability under the new facility, net of outstanding letters of credit, was approximately USD 353 million based upon a borrowing base of eligible accounts receivable and inventory and certain machinery and equipment. There are no borrowings under the revolving credit facility.

Mr Jack A Hockema Chairman and Chief Executive Officer said that “A key component of our business strategy is to maintain strong liquidity and financial flexibility that will continue to support ongoing growth and investment in our business and allow us to maintain our strong competitive position throughout the economic cycles of the end markets we serve. We are pleased that our lending banks continue to acknowledge our strong business model and prudent financial management and we appreciate their continued commitment and support.”

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Posted By : Rabi Wangkhem on Tue, 05 Nov 2019
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