GOOSE CREEK, S.C.--JW Aluminum Company (“JWA” or the “Company”) announced that on December 29, 2015, it closed on a new $90 million asset based revolving credit facility. Proceeds from the new facility were used to pay off previous revolving loans. This refinancing completed the recapitalization of JWA that began in November of 2015 with a change in ownership and a $120 million reduction in debt.
The four and a half year facility provides improved liquidity and greater flexibility, enabling JWA to capitalize on favorable conditions in markets for continuous cast aluminum sheet and foil.
“As a long term domestic producer, we are committed to delivering exceptional experiences to both our customers and suppliers. This recapitalization enhances our financial strength so we can continue to be a reliable resource in the flat rolled aluminum market,” said Lee McCarter, Chief Executive Officer, “Proactively securing this asset based loan provides the flexibility to execute our strategic plans and provide value to all of our stakeholders, now and in the years to come.”
About JW Aluminum:
JW Aluminum manufactures specialty flat-rolled aluminum products including fin stock used by the heating and cooling industry, light gauge converter foil for the flexible packaging industry, honeycomb foil for the aerospace industry, bare and painted sheet products for window coverings and the building and construction markets, as well as other foil and sheet products.
JWA operates plants in Mt. Holly, South Carolina; St. Louis, Missouri; Russellville, Arkansas and Williamsport, Pennsylvania.
For more information about JW Aluminum, visit www.jwaluminum.com.