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Metalico signs $125M refinancing

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Cranford-based Metalico, a holding company with operations in ferrous and non-ferrous scrap metal recycling, has announced its closing of $125 million in refinancing.

According to the announcement, proceeds from the new facilities were used to pay amounts outstanding under the company's prior credit agreement, repurchase $37 million of its convertible notes and pay related fees and expenses. The facilities are provided under a six-year senior secured financing agreement with TPG Specialty Lending Inc. Additional funding is provided by PNC Bank National Association.

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