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INDUSTRY NEWS


Neenah Enterprises Secures $250 Million Credit Facility Neenah Enterprises, Neenah,


Wis., has obtained a new $250 mil- lion senior secured credit facility.


The loan is being used to refinance existing debt and to support ongo- ing 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. “Te new credit facility provides a significant interest rate reduc- tion and expands the credit facility available to the company. Tis is reflective of the improved financial performance and financial position the company has generated over re- cent years,” according to Tom Rior- dan, president and CEO, Neenah Enterprises. “We are pleased that the market was eager to work with us in this credit endeavor.” NEI received corporate credit rat-


Neenah Foundry has been engineering castings for the construction and municipal sector for more than a century.


ings of “B2” from Moody’s and “B” from Standard and Poor’s. Neenah Enterprises Inc. provides


gray and ductile iron castings, steel forgings and auxiliary services such as machining, painting and heat treatment for the municipal and industrial markets.


Ellwood Engineered Castings to Upgrade, Expand Offerings Ellwood Engineered Castings,


Ellwood City, Pa., is planning signifi- cant improvements within its primary production area intended to widen its product offerings. Foundry Solutions & Design,


Alpharetta, Ga., is providing consult- ing, engineering and project manage- ment for the 140,000-sq.-ft. facility. Te project is scheduled to be com- pleted in January 2014, according to the FS&D project team. Ellwood’s facility currently has


three 55-ton coreless induction fur- naces capable of melting 900 tons of iron per day. It houses patternmaking equipment and uses the nobake sand process to produce precision castings. EEC supplies gray and ductile iron components from 1 to 100 tons.


10 | MODERN CASTING July 2013


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