NEW YORK, Dec. 12, 2022 /PRNewswire/ -- LIBERTY Steel USA has successfully raised a US$40m term loan with Eclipse Business Capital to refinance its existing term loan before its maturity in January 2023.
In addition to the new term loan, LIBERTY Steel USA increased its existing ABL with Eclipse Business Capital from US$125m to US$150m, providing additional liquidity to the business so it can build on strong performance through 2022, including the successful restart of the Georgetown rod mill.
For H1FY22 (Jan'22-Jun'22) the business recorded a revenue increase of 18% compared to H1 FY21 (Jan'21-Jun'21), while EBITDA increased by 97% for the same period. LIBERTY Steel USA is on course for its most profitable year as it continues to serve its customers with differentiated products, including from its iconic Red Brand range of wire fencing products.
The refinancing and additional liquidity will enable the business to reinvest in its plants and continue its productivity drive aiming to set world-class standards in its operations.
Axel Ampolini, Executive Vice President, LIBERTY Steel USA, said: "The successful refinancing of our term loan and the enhancement of our ABL with Eclipse Business Capital off the back of strong results this year shows the growing confidence in the future of our business and concludes our current financing needs."
Martin Battaglia, Chief Executive Officer, Eclipse Business Capital said: "We've been delighted by our partnership with LIBERTY Steel USA and how the improved liquidity and working capital over the last six months has enabled them to capitalize on their excellent brand and product strategy. We've been impressed by their strong performance, and are confident they will continue to build their brand and team and continue to deliver strong performance."
LIBERTY Steel Group, part of the GFG Alliance and a leading GREENSTEEL producer, is a global integrated steel business bringing together assets across the steel supply chain, from production of liquid steel from raw and recycled materials through to high value precision engineered steels. With a total rolling capacity of 20 million tonnes, 200+ manufacturing locations globally across 10 countries and employing more than 30,000 people, LIBERTY Steel's furnaces, mills, services centres and distribution sites across the UK, continental Europe, Australia, the United States and China serve demanding sectors such as construction, energy, aerospace, automotive, and infrastructure. LIBERTY Steel is a leader in sustainable industry with a mission to become Carbon Neutral by 2030 (CN30).
Source: LIBERTY Steel Group