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Wise Alloys Explores Alternatives to Refinance Existing Asset-Based Loan

December 10, 2015, 07:56 AM
Filed Under: Industry News

Constellium N.V. announced that its indirect wholly-owned subsidiary Wise Alloys LLC ("Wise") is exploring alternatives to refinance its existing asset-based lending facility, including engaging in discussions with both current and potential new lenders. Goldman Sachs has been engaged to assist in arranging the new ABL facility.               

Wise currently intends to seek to refinance its existing ABL with a facility that will have a maturity of five years and will be secured by the same collateral as the existing asset-based loan, but which will not be guaranteed by Constellium.

This is one of the actions in connection with the ongoing exploration of alternatives for Wise, which Constellium announced on November 5, 2015.

There can be no assurance as to when or whether Wise will refinance its existing ABL facility, and the terms of any such refinancing are not agreed at this time.  Neither Wise nor Constellium intends to further update this disclosure until such time as the definitive terms of any refinancing are agreed.

Constellium is a global sector leader that develops innovative, value added aluminium products for a broad scope of markets and applications, including aerospace, automotive and packaging. Constellium generated €3.7 billion of revenue in 2014.

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