NEENAH, Wis. Neenah Enterprises announced it has obtained a new $250 million senior secured credit facility. The loan is being used to refinance existing debt and to support ongoing working capital needs. GE Capital, Corporate Finance is serving as the administrative agent, while GE Capital Markets served as lead arranger. Wells Fargo Capital Finance, part of Wells Fargo & Company, served as joint lead arranger.
“The new credit facility provides a significant interest rate reduction and expands the credit facility available to the company. This is reflective of the improved financial performance and financial position the company has generated over recent years,” according to Tom Riordan, President and CEO for Neenah Enterprises. “We are pleased that the market was eager to work with us in this credit endeavor.”
NEI received corporate credit ratings of “B2” from Moody’s and “B” from Standard and Poor’s.
About Neenah Enterprises, Inc.
Neenah Enterprises, Inc. serves the needs of its customers by providing metal castings, steel forgings, and a variety of auxiliary services such as machining, painting, and heat treatment for the municipal and industrial markets. Neenah is one of the largest independent foundry companies in the United States, with substantial market share in gray and ductile iron castings and forged steel products. Additional information about Neenah is available on the company’s website at www.nfco.com.
