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GemCap Funds $11MM Credit Facility to LB Metals

May 13, 2016, 07:39 AM
Filed Under: Metals and Mining
Related: GemCap

GemCap funded an $11 million loan facility to LB Metals, LLC, one of the largest processors of strip mill plate in North America.  The company forges metal parts for a variety of industries, including construction, railroads and utilities.  The facility is secured by inventory, accounts receivables, and equipment.
LB Metals, formerly LB Steel, came out of Chapter 11 business reorganization bankruptcy. The reorganization preserves over 200 workers’ jobs in Illinois. “We’re looking forward to not only saving, but growing, this business as manufacturing in North America continues to expand,” said Todd DiBenedetto, Principal of the new organization.  “We have talented and skilled team members who serve an extremely important part of the manufacturing economy.”
“Providing acquisition financing, even in distressed situations, represents one the flexible solutions that GemCap offers” said David Ellis, Co-President of GemCap.
GemCap, an innovative lending firm, provides senior-secured, commercial asset-based loans to low and middle market businesses within the United States & Canada, as well as in-transit inventories en route to the United States. Loans range from $1 million to $10 million. Collateral groups include: inventories (consumer & industrial), receivables, and equipment. 

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