Wells Fargo Capital Finance acted as lead arranger on a $185 million senior secured credit facility for Heidtman Steel Products, Inc., an industry leading steel processing company, that will be used to support the company’s working capital needs.
“We are very excited to be working with a great company such as Wells Fargo, that provided us with a credit facility which will allow us to build upon our own business momentum,” said Tim Berra, President of Heidtman Steel Products. “We were greatly impressed with the vast knowledge the Wells Fargo team had about our industry and how quickly they understood our business. This new credit facility is a significant step forward for our company, providing us with the resources and flexibility to successfully navigate thru the cyclical demands of our business and enable our strategies for profitable business growth. The Wells Fargo team was outstanding in their implementation and they were professional and efficient throughout the transition process.”
Heidtman Steel, founded in 1954 and family-owned, is a provider of innovative steel solutions. The company’s success lies within the true talents of its employees, strong supplier relationships, world class manufacturing techniques and quality assurance procedures to process, package and distribute flat rolled steel products across the US, Canada and Mexico. Today the company operates nine direct or joint venture facilities within Indiana, Illinois, Michigan, and Ohio serving hundreds of customers across a variety of industries including automotive, truck, heavy equipment, agriculture, lawn and garden, tanks, construction, furniture and other steel service centers.
“We are very pleased to have been able to complete such an important financing that will enable Heidtman Steel Products the financial flexibility to make strategic business decisions,” said Jeremy Baker, Managing Director at Wells Fargo Capital Finance. “We look forward to supporting Heidtman as they continue to grow.”
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.