International Mill Adds On For Tube City Acquisition

International Mill Service is tacking on $180 million of debt to its credit facility to purchase steel-mill service company Tube City Holdings.

  • 03 Dec 2004
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International Mill Service is tacking on $180 million of debt to its credit facility to purchase steel-mill service company Tube City Holdings. The company will add $20 million to its $25 million revolver, $140 million to its $125 million first-lien term loan and $20 million to its $30 million second-lien term loan, bankers said. The purchase price is not disclosed. Pricing on the credit is expected to remain the same at LIBOR plus 2 3/4% on the first lien and LIBOR plus 6% on the second lien, bankers added.

The existing credit was put in place in October to back Wellspring Capital Management's acquisition of International Mill (LMW, 10/4). Bear Stearns led the debt financing. Bear Stearns and UBS are leading the new incremental financing.

Blue Point Capital Partners bought Tube City in September 2003. Debt for that transaction was provided by Bank One, Citizens Business Credit, U.S. Bank Business Credit and Dymas Capital Management Co. William Dawson, a partner with Wellspring, Daniel Rosati, Tube City's senior v.p. finance, and Robert Lesley, a v.p. with Blue Point Capital Partners, did not return calls. Bear Stearns and UBS bankers and Richard Fitz, International Mill's cfo, declined comment.

 

  • 03 Dec 2004

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