Stonebriar Closes $75MM in Equipment Leases with Big River Steel
JAN 16, 2017 - 7:56 am
Stonebriar Commercial Finance closed $75 million in equipment leases with Big River Steel, completed as a series of sale-leaseback transactions in September and December of 2016.
The subject assets include the water treatment facility, power sub-station and electrical distribution system at the lessee’s Arkansas steel mill. The proceeds of the transactions were used to augment the client’s material capital base to complete construction and end-to-end operability of the mill.
Big River Steel operates a flat-rolled steel mini mill strategically located on 1,300 acres in Osceola, AR that will produce 1.6 million tons annually of high strength, light weight steel.
Kyle Parks, Stonebriar’s head of Direct Originations, stated, “We are strong believers in the Big River Steel vision, management team, and sponsorship, and are grateful for the opportunity to have played an early role in the company’s success story.” Kyle added, “I am proud of the way our team, under the leadership of Tom Linebarger and Todd Thompson, worked creatively and diligently to structure and close these complex transactions within the client’s desired timeline.”
Big River Steel’s Chief Financial Officer Ari Levy said, “We are excited to have completed this transaction with Stonebriar. The team at Stonebriar is innovative and approaches situations with a roll-up your sleeves, can-do attitude. As both Stonebriar and Big River Steel are growth-oriented businesses, it’s refreshing to work with a team that shares and values a focus on successfully executing a transaction while always maintaining an important commitment to the customer’s objectives.”
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