Friday, February 3, 2012

News: Energy Alloys secures credit facility to support growth


Energy Alloys, the American oil field metals business which has its UK head office in Rotherham has secured a £70m credit facility from GE Capital.

It follows from an equity investment secured in November with funds managed by GSO Capital Partners, a division of The Blackstone Group, one of the world's leading investment and advisory firms.

The £70m senior secured credit facility will be used by the global provider of oilfield metals, services and solutions to support growth and working capital needs. It was secured the help of the corporate team in Sheffield at law firm, Irwin Mitchell.

Paul Patek, chief financial officer at Energy Alloys LLC, said: "By considering both our domestic and international assets, this new facility provides us with optimal borrowing capacity that more than meets our needs."

Emma Garth, an associate solicitor in the corporate team at Irwin Mitchell, added: "This is great news for our client as it will provide the working capital required to support its growth in the future."

Founded in 1995, Energy Alloys is worth an estimated $450m and has their headquarters in Houston, Texas and international operations throughout the world.

The UK headquarters in Rotherham include offices at Catcliffe and a manufacturing and warehouse facility at Canklow. The site processes and holds long products for the energy, stainless and engineering markets.

Energy Alloys website



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