Wells Fargo Capital Finance Leads $1 Billion Credit Facility for Novelis Inc.
Wells Fargo Capital Finance Leads $1 Billion Credit Facility for Novelis Inc.
Wells Fargo's expanded international capabilities play key role in global deal
SANTA MONICA, Calif.--(BUSINESS WIRE)-- Wells Fargo Capital Finance, part of Wells Fargo & Company (NYS: WFC) , announced it acted as left lead arranger, book manager, and administrative agent on a $1 billion, multi-currency, senior secured revolving credit facility for Novelis, Inc. The credit facility refinanced Novelis' existing credit facility, and funded working capital needs, capital expenditures and general corporate purposes.
Headquartered in Atlanta, Novelis is a leading global producer of aluminum-rolled products and the world's largest recycler of aluminum. For fiscal year 2013, the company operated in nine countries, had approximately 11,000 employees, 25 operating plants and reported revenues of $9.8 billion. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai.
"We are pleased to have been able to complete such an important financing for Novelis as their business continues to grow around the world," said Henry Jordan, chairman and chief executive officer of Wells Fargo Capital Finance. "By utilizing the expertise of our London business unit, Burdale Financial Limited, this transaction demonstrated the expanding capabilities that Wells Fargo Capital Finance offers its U.S.-based clients with overseas operations."
"Novelis is in the midst of a significant investment program involving major capacity expansions to meet growing demand worldwide," said Steve Fisher, senior vice president and chief financial officer for Novelis. "The amended credit facility will further strengthen our liquidity and provide additional flexibility, helping to support these investments."
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, including Burdale Financial Limited, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Wells Fargo & Company
Trisha Schultz, 310-453-8232 (Media)
Trisha.schultz@wellsfargo.com
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