MINNEAPOLIS, Oct 05, 2010 (BUSINESS WIRE) --
U.S. Bank Asset Based Finance has closed a $350 million senior credit
facility with O'Neal Steel, the nation's largest family-owned, full-line
metal service center based in Birmingham, Alabama. The $350 million
four-year, asset based revolver will support O'Neal's working capital
and growth needs. U.S. Bank's team delivered a market leading financing
solution providing industry expertise to meet the competitive demands of
"We discussed our financing needs with a large number of national and
regional lenders. While they all offered similar economics, the U.S.
Bank team's culture seemed to be the best fit with O'Neal. They worked
hard to develop a structure that was right for us, not just for the
banks," said Michael A. Rowland, chief financial officer and executive
vice president of O'Neal Steel.
"We are excited to be working with O'Neal Steel in this new
partnership," said Sam Philbrick, president of U.S. Bank Asset Based
Finance. "It is an honor to be selected as the administrative agent and
lead bookrunner by an established industry leader as O'Neal Steel. With
our improved capabilities we are happy to be playing an expanded role in
the syndicated asset-based loan market. We look forward to a long-term
partnership with O'Neal and providing industry expertise, market
knowledge, and quality."
About O'Neal Steel
O'Neal Steel is the nation's largest family-owned, full-line metals
service center with annual sales of more than $2.3 billion, headquarters
in Birmingham, Alabama, and more than 80 locations in North America,
Europe and Asia. The O'Neal family of companies known as the Industrial
Metals Group includes O'Neal Steel, Leeco Steel, Metalwest and TAD
Metals; the High Performance Metals Group includes TW Metals, Aerodyne
Alloys, United Performance Metals, and Supply Dynamics. For more
information, please visit: www.onealsteel.com.
About U.S. Bank Asset Based Finance
U.S. Bank Asset Based Finance is one of the fastest growing asset based
lenders providing financing solutions to middle market and large cap
companies in the U.S. and Canada. Financing supports working capital,
growth, acquisitions, and turnarounds across a wide spectrum of
manufacturers, distributors, service providers and retailers.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $283 billion in assets as of June 30,
2010, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,002 banking offices in
24 states and 5,309 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
SOURCE: U.S. Bank
U.S. Bank Media Relations
Jennifer Wendt, 612-303-0731
U.S. Bank Asset Based Finance
Joan Fronske, 415-925-4783