Phoenix, Arizona – July 27, 2017 – Liberty Iron & Metal Holdings (Liberty) successfully closed on a new $50 million financing agreement with its long-term banking partner KeyBank and its affiliates. The financing includes an Asset Based Revolver provided by KeyBank Business Capital, a capital line provided by KeyBank Equipment Finance, and a commodity hedging limit provided by KeyBank, N.A. The credit lines will be used to optimize Liberty’s capital structure, finance working capital, capex needs, and to fund future strategic acquisitions.
“With increased access to more capital within a solid financing structure, Liberty remains firmly committed to continuing its organic and inorganic expansion within its core markets,” said Alexander Esser, Chief Financial Officer of the Company.
“Liberty is well positioned to advance its business objectives,” Mike Diamond, Chief Operating Officer concluded, “This is a great time to invest in our people, to rethink how we best serve our customers and communities, and to solidify our place as a technology leader in the metal recycling industry.”
Liberty prides itself on focusing on its people and invest in state-of-the-art technology with the goal to offer customers the highest quality of scrap metal and a comprehensive range of services.