Headline: Recycling Industries Completes $220 Million in Financing; G E Capital
Merchant Banking Group, BankBoston, N.A., and SunAmerica Lead Financing
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ENGLEWOOD, Colo., Dec. 8 /PRNewswire/ -- Recycling Industries, Inc.,
(NASDAQ:RECY), a company engaged in the acquisition and consolidation of
metals recycling companies and a major national raw materials supplier to the
mini-mill sector of the steel industry, announced today that it has completed
a $220 million financing to support the company's rapid expansion plans.
G E Capital Merchant Banking Group and BankBoston, N.A. have provided a
$150 million senior credit facility to the Company. Subordinated debt of
$60 million was placed with a group of investors led by SunAmerica. The
Company also placed $10 million of common equity. Imperial Capital, LLC acted
as Investment Banker for Recycling Industries, Inc. in connection with this
$220 million financing.
Proceeds from this financing will be used for completion of previously
announced and future acquisitions, repayment of existing indebtedness, and
general corporate purposes.
Tom Wiens, Chairman and CEO of Recycling Industries, said "Our financing
with G E Capital, BankBoston and SunAmerica is a strong indication that
Recycling Industries can access major financial markets in order to implement
and successfully execute the Company's consolidation strategy in the metals
recycling industry. This provides Recycling Industries with solid financial
resources as we move to the next level of our company's development."
Recycling Industries, Inc., headquartered in Englewood, Colorado, is a
rapidly growing consolidator of metal recycling companies, providing quality,
value-added products and services to its customers. Recycling Industries is
actively pursuing the acquisition, integration, and growth of metals recycling
companies.
The Statements included in this press release concerning predictions of
economic performance and management's plans and objectives constitute
forward-looking statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. These statements involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors which would cause or contribute
to such differences include but are not limited to factors detailed in the
Company's Securities and Exchange Commission filing; downturns in the
company's primary markets; disruptions to the company's operations from acts
of God or extended maintenance; and transportation difficulties.
SOURCE Recycling Industries, Inc.
-0- 12/08/97
/CONTACT: Thomas J. Wiens, Chairman and CEO, or Alexander V. Lagerborg,
Director of Investor Relations, of Recycling Industries, 800-830-1011 or
303-790-7372; or Retail: Jim Estrada, Joe Dorame or Sandy Sommer, or
Analysts-Institutional: Joe Diaz or Max Ramras, all of RCG Capital Markets
Group, Inc., 602-675-0400, for Recycling Industries/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 117391/
/Web site: http://http://www.rcgonline.com/ |
