Headline: Imperial Capital, LLC Has Placed $220 Million in Financing For
Recycling Industries, Inc.
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TORRANCE, Calif., Dec. 11 /PRNewswire/ -- Imperial Capital, LLC, an
indirect majority owned subsidiary of Imperial Credit Industries, Inc.
(NASDAQ:ICII), announced the completion of the private placement of
$220 million of financing for 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. The financing includes a $150 million Senior Credit
Facility, including a $25 million line for future acquisitions; $60 million of
Senior Subordinated Notes with Warrants to Purchase Common Stock; and
$10 million of Common Stock. The proceeds of the financing were used to
complete the acquisition of six businesses in the metals recycling industry,
to refinance existing indebtedness and for general corporate purposes.
Recycling Industries, Inc., headquartered in Englewood, Colorado, is a
rapidly growing consolidator of metals 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.
Last week, Imperial Credit Industries, Inc. announced the formation of
Imperial Capital Group, LLC ("ICG"), a majority owned subsidiary. ICG,
together with its subsidiaries Imperial Capital, LLC and Imperial Asset
Management, LLC offers individual and institutional investors a complete range
of financial products and services. Imperial Capital, LLC is a registered
broker/dealer with the Securities Exchange Commission and is a member of the
National Association of Securities Dealers, Inc. Imperial Capital, LLC
provides investment opportunities and research to individual and institutional
investors, raises private and public capital for middle market companies, and
trades debt, equity and asset backed securities. Imperial Asset Management,
an investment advisor registered with the SEC, provides investment management
services to high net worth individuals and institutional clients. Last week,
ICG completed the purchase of substantially all of the assets of
Dabney/Resnick/Imperial, LLC a broker/dealer headquartered in Beverly Hills,
California to provide a cornerstone for its new business. Imperial Credit
Industries, Inc. and its subsidiaries offer a wide variety of financial
services and investment products nationwide.
This Press Release contains forward looking statements within the means of
the Private Securities Litigation Reform Act of 1995, which can be identified
by the use of forward-looking terminology such as "may", "will", "intend",
"should", "expect", "anticipate", "estimate" or "continue" or the negatives
thereof or other comparable terminology. The Company's actual results could
differ materially from those anticipated in such forward-looking statements as
a result of certain factors.
SOURCE Imperial Capital, LLC
-0- 12/11/97
/CONTACT: Jason Reese, President of Imperial Capital Group, LLC,
310-246-3629; or H. Wayne Snavely, Chairman and Chief Executive Officer of
Imperial Credit Industries, Inc., 310-373-1704/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 420763/ |
