Federal Metal secures new credit facility
Federal Metal secures new credit facility
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The Federal Metal Co., Bedford, Ohio, has entered into a $13 million asset-based lending (ABL) agreement with Wells Fargo Capital Finance, part of Wells Fargo & Co. The revolving credit facility has a four-year maturity date extending to June 6, 2020.
Established in 1913, The Federal Metal Co. is a leading brass and bronze ingot manufacturer and a trader of nonferrous metals. Federal Metal consumes copper and other red metals and other secondary scrap. The company supplies copper- and nickel-based alloys to customers around the world from its facility near Cleveland.
“We are extremely pleased to work with Wells Fargo,” says Peter Nagusky, president of Federal Metal. “They have deep experience in the metals sector and understand our financing needs.”
He continues, "The new credit facility, combined with other recent initiatives, will significantly improve our liquidity and provide the working capital we need to achieve our corporate objectives.”
Steve Linderman, senior vice president at Wells Fargo Capital Finance, says, “We are pleased to have been able to complete such an important financing for The Federal Metal Co. It is important to Wells Fargo to provide our customers with the financial flexibility and financial services they need to succeed. We look forward to supporting their plans for successful business growth.”
In 2015, Federal Metal partnered with industry veteran Brian Carlone to establish BAM Metals LLC, a scrap processing company specializing in nonferrous metal. BAM Metals is a co-borrower on the loan.
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Source: Recycling Today
Federal Metal secures new credit facility
<![CDATA[The Federal Metal Co., Bedford, Ohio, has entered into a $13 million asset-based lending (ABL) agreement with Wells Fargo Capital Finance, part of Wells Fargo & Co. The revolving credit facility has a four-year maturity date extending to June 6, 2020. Established in 1913, The Federal Metal Co. is a leading brass and bronze ingot manufacturer and a trader of nonferrous metals. Federal Metal consumes copper and other red metals and other secondary scrap. The company supplies copper- and nickel-based alloys to customers around the world from its facility near Cleveland. “We are extremely pleased to work with Wells Fargo,” says Peter Nagusky, president of Federal Metal. “They have deep experience in the metals sector and understand our financing needs.” He continues, "The new credit facility, combined with other recent initiatives, will significantly improve our liquidity and provide the working capital we need to achieve our corporate objectives.” Steve Linderman, senior vice president at Wells Fargo Capital Finance, says, “We are pleased to have been able to complete such an important financing for The Federal Metal Co. It is important to Wells Fargo to provide our customers with the financial flexibility and financial services they need to succeed. We look…