US Bank asset based finance has secured a $350 million senior credit facility with O'Neal Steel, the nation's largest family-owned, full-line metal service center based in Birmingham, Alabama. The $350 million four-year, asset based revolver will support O'Neal's working capital and growth needs.
"We discussed our financing needs with a large number of national and regional lenders. While they all offered similar economics, the US Bank team's culture seemed to be the best fit with O'Neal. They worked hard to develop a structure that was right for us, not just for the banks," said Michael A. Rowland, chief financial officer and executive vice president of O'Neal Steel.
"We are excited to be working with O'Neal Steel in this new partnership," said Sam Philbrick, president of US Bank Asset Based Finance.