Aleris to draw on revolver, or use new term debt or bonds for Wabash purchase

By Sara Rosenberg

New York, July 6 - Aleris International Inc. plans to draw funds under its existing revolving credit facility or incur either new term loan debt or bonds to help fund its acquisition of Wabash Alloys, according to a news release.

The company is buying Wabash, a producer of aluminum casting alloys and molten metal, from Connell LP for about $194 million.

Closing of the acquisition is expected to occur in the third quarter, subject to regulatory approvals and customary closing conditions.

Aleris is a Beachwood, Ohio, manufacturer of aluminum rolled products and extrusions, aluminum recycling and specification alloy production.

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