AMG Advanced to launch $500 million credit facilities on Tuesday

By Sara Rosenberg

New York, Jan. 12 – AMG Advanced Metallurgical Group NV is scheduled to hold a lender meeting at 1 p.m. ET on Tuesday to launch $500 million of senior secured credit facilities, according to a market source.

HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. are the joint lead arrangers on the deal, and HSBC is the agent.

The facilities consist of a $200 million five-year revolver and a $300 million seven-year covenant-light term loan B, the source said.

Amortization on the term loan is 1% per annum, paid quarterly, with the remainder due at maturity.

Proceeds will be used to refinance existing debt, to fund growth initiatives and for general corporate purposes.

AMG, which has corporate offices in Amsterdam and Wayne, Pa., is a producer and processor of specialty metals and mineral products.

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