Siena Lending Group LLC announced the completion of a three-year $30 million asset-based revolving credit facility for New Day Aluminum LLC to repay certain indebtedness and to provide working capital for its Gramercy, LA subsidiary, Noranda Alumina.

Noranda Alumina operates an alumina refinery producing up to 1.2 million metric tons of alumina per year.  The company is an affiliate of DADA Holdings LLC, an investment and management company based in Ft. Lauderdale, FL that makes control investments and manages companies in basic industries, such as metals and mining.  The partners of DADA acquired the alumina refining and Jamaican bauxite mining assets of Noranda, Inc. in late 2016, and operate those assets as Noranda Alumina and Noranda Bauxite, respectively.  

David Grende, President of Siena Lending Group, said, “We are pleased to provide this facility to New Day and partner with the company to help support their current working capital needs, as well as their future business plans. We look forward to continuing a mutually beneficial relationship with the senior management team of New Day and DADA. We first met the team as a co-lender in the Wise Metals transaction prior to forming Siena Lending Group.”

Monte Schaefer, Chief Financial Officer of New Day and Noranda Alumina, said, “We continue to execute on our plan to solidify our financial model and grow Noranda Alumina’s business. This facility provides the company with financial security for its day-to-day operations along with the bandwidth to implement strategic and large-scale capital expenditures.”