InfraBuild closes USD350m Senior Secured Asset-Backed Term Loan
- Written by PR Newswire
- InfraBuild closes a USD350m Asset-Backed Term Loan led by funds and accounts managed by BlackRock and Silver Point Finance.
- The InfraBuild business has maintained its strong financial performance through the first three quarters of its 2023 fiscal year.
SYDNEY, May 30, 2023 /PRNewswire/ -- InfraBuild has today announced the closing of a USD350 million Asset-Backed Term Loan, the proceeds of which will enable the business to pursue its growth objectives, including its potential acquisition of steel assets in the United States currently owned by GFG Alliance.
InfraBuild has maintained its strong financial performance through the first three quarters of its 2023 fiscal year and the successful financing is an important achievement to facilitate the continued growth of the business.
InfraBuild is Australia's largest vertically integrated steel long manufacturer with recycling, manufacturing and distribution operations across the country.
InfraBuild is continuing to explore various additional financing alternatives, the proceeds of which would be used together with Asset-Backed Term Loan proceeds, to further drive its growth and potential acquisition of steel assets in the US.
Jefferies LLC acted as sole arranger on the Asset-Backed Term Loan, which was led by funds and accounts managed by BlackRock and Silver Point Finance.
InfraBuild Interim CEO and Managing Director Dak Patel said:
"This financing provides strategic capital to InfraBuild, which will enable us to continue to grow our business and service a customer base which spans the infrastructure, commercial and residential construction, agriculture and mining markets," Mr Patel said.
"The business has continued to perform strongly throughout this financial year and the Asset-Backed Term Loan provides us with capital to focus on strategic initiatives to strengthen operations and capitalise on the growing demand for lower carbon sustainable steel as we continue the momentum we've built in recent years."
Notes
- *The potential acquisition includes:
o Keystone Consolidated Industries (KCI), comprising an Electric Arc Furnace (EAF), rolling mill and wire mill at Steel and Wire (Peoria), mesh manufacturing sites from Engineered Wire Products (Ohio and New Mexico)o Johnstown Wire Technologies (Pennsylvania and Ohio)o Georgetown steelworks (South Carolina)
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