Alliance Provides $65 Million Credit Facility to a Leading Steel
MINNEAPOLIS & LOS ANGELES, Mar 29, 2011 (BUSINESS WIRE) --
U.S. Bank Asset Based Finance, a leader in asset based finance
nationwide, and Aurora Resurgence, an affiliate of Aurora Capital Group,
a Los Angeles-based private equity firm with more than $2 billion of
assets under management, today announced the successful refinancing of
New Star Metals Inc. U.S. Bank is the lead arranger of a four-year, $65
million revolving credit facility for New Star Metals, a major operator
of steel service centers in the Midwest.
U.S. Bank was selected for delivering a comprehensive asset based
lending solution, which included competitive financing and treasury
management services. This flexible access to capital will allow New Star
Metals to grow and expand through investing in its current business and
through potential acquisitions.
"We delivered a market-leading solution under a tight timeline that we
believe will offer significant value over the long-term," said Sam
Philbrick, president of U.S. Bank Asset Based Finance. "We are dedicated
to supporting New Star Metals' strategic goals and, in conjunction with
the resources provided by Aurora, we have built a strong financial
foundation for the company's future."
"The U.S. Bank team did an outstanding job, efficiently bringing a
best-in-class financing package to the company. Their attractive
structure allows substantial, readily available capital for New Star
Metals' continued strong growth," said Anthony DiSimone, managing
partner of Aurora Resurgence.
"The transition to U.S. Bank was very smooth and we are already
capitalizing on the benefits of the relationship," said Patrick Murley,
chief executive officer of New Star Metals.
About Aurora Capital Group
Aurora Capital Group is a Los Angeles-based private investment firm
managing over $2.0 billion of capital across several private equity
funds. Aurora's traditional private equity vehicle, Aurora Equity
Partners, focuses principally on control-investments in middle-market
businesses with leading market positions, strong cash flow profiles, and
actionable opportunities for growth in partnership with operating
management. Aurora's special situations fund, Aurora Resurgence, invests
in debt and equity securities of middle-market companies and targets
complex situations that are created by operational or financial
challenges either within a company or a broader industry. Aurora's
investors include leading public and corporate pension funds, endowments
and foundations active in private equity investing. For more information
about Aurora Capital Group, visit www.auroracap.com
About New Star Metals Inc.
New Star Metals, with headquarters in Chicago, is engaged in the
processing and distribution of value-added steel products with about
400,000 tons of current processing capacity serving customers across a
variety of end markets in the Midwest. The company is composed of four
divisions including Miami Valley Steel Service, Premier Resource Group,
Electric Coating Technology, and U.S. Metals and Supply.
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 United States 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 $308 billion in assets as of Dec. 31,
2010, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,069 banking offices in
25 states and 5,310 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 Asset Based Finance
Joan Fronske, 415-925-4783
U.S. Bank Media Relations
Teri Charest, 612-303-0732
For Aurora Capital Group
Sharon Stern / Dara Silverstein
Joele Frank, Wilkinson Brimmer Katcher