Aluma successfully completed a $95 million secured revolving credit facility and term loan. The terms and conditions of the revolving credit facility become effective in April, 2004, and mature in fiv
April 18, 2004 (Press Release) --
FOR IMMEDIATE RELEASE
TORONTO, CANADA, April 15 2004 – Aluma Enterprises Inc. today announced that it has completed a C$95 million senior secured credit facility with Wells Fargo Foothill Inc. The five year facility consists of a C$30 MM revolver commitment and a C$65MM term loan. The structure provides the company with enhanced liquidity to manage its operations and to fund future growth.
President and Chief Executive Officer of Aluma Enterprises Inc., James Demitrieus, stated, “The net proceeds of the offering under the new facility will be used for working capital, development of new markets and repayment of existing debt . Aluma Systems is now well positioned to enter our next phase of growth."
ALUMA ENTERPRISES INC.
Aluma Enterprises Inc., privately held, with annual revenues of C$240MM, is based in Toronto, Canada. Founded in 1972, Aluma Systems is one of the largest North American industrial scaffolding and concrete construction services companies. The company provides equipment and services to refineries, shipyards, oil platforms, power plants, tunnels, bridges, roadways and high-rise buildings. Aluma Systems has 32 offices worldwide and alliances in 20 countries. For further information on Aluma Systems and its services go to its homepage: www.aluma.com.
Wells Fargo Foothill Inc. is a leading provider of asset-based financing to middle-market companies for growth, recapitalizations, turnarounds and leveraged acquisitions.
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TORONTO, CANADA, April 15 2004 – Aluma Enterprises Inc. today announced that it has completed a C$95 million senior secured credit facility with Wells Fargo Foothill Inc. The five year facility consists of a C$30 MM revolver commitment and a C$65MM term loan. The structure provides the company with enhanced liquidity to manage its operations and to fund future growth.
President and Chief Executive Officer of Aluma Enterprises Inc., James Demitrieus, stated, “The net proceeds of the offering under the new facility will be used for working capital, development of new markets and repayment of existing debt . Aluma Systems is now well positioned to enter our next phase of growth."
ALUMA ENTERPRISES INC.
Aluma Enterprises Inc., privately held, with annual revenues of C$240MM, is based in Toronto, Canada. Founded in 1972, Aluma Systems is one of the largest North American industrial scaffolding and concrete construction services companies. The company provides equipment and services to refineries, shipyards, oil platforms, power plants, tunnels, bridges, roadways and high-rise buildings. Aluma Systems has 32 offices worldwide and alliances in 20 countries. For further information on Aluma Systems and its services go to its homepage: www.aluma.com.
Wells Fargo Foothill Inc. is a leading provider of asset-based financing to middle-market companies for growth, recapitalizations, turnarounds and leveraged acquisitions.
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