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JW Aluminum to obtain new credit facility in connection with Wellspring purchase
By Sara Rosenberg
New York, Oct. 31 - JW Aluminum Co. will be obtaining a new credit facility to help support the company's acquisition by Wellspring Capital Management LLC from Walter Industries inc. for $125 million, according to a company spokesman.
Details on the facility, including size, lead banks and timing are not currently being disclosed.
"We expect JW Aluminum to be an outstanding addition to our portfolio of companies," said William F. Dawson Jr., a Wellspring Capital partner, in a news release. "JW Aluminum has proven its operational excellence, and its reputation for quality and service is well-known in the industry."
The transaction, which is expected to close in the fourth quarter, is subject to customary closing conditions, including the receipt of regulatory approvals.
Walter Industries was represented by Banc of America Securities LLC in the transaction.
JW Aluminum is a Mount Holly, S.C. manufacturer of specialty flat-rolled aluminum products.
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