Bank of America Business Capital announced it has provided a £35.9 million credit facility to Metal & Waste Recycling. Proceeds will be used to refinance existing indebtedness and to support working capital needs.

Based in London, Metal & Waste Recycling is an industry leader in the recycling of ferrous and non ferrous metals.  “We were impressed with Bank of America Merrill Lynch’s approach, and the simplicity and flexibility of the new financing was very attractive,” said Richard Scully, the company’s group finance director. “The flexibility of their structure and the real time information from the CashPro Online system substantially reduces administrative and reporting requirements compared to alternatives.”

Jeff McLane, President of Bank of America Business Capital, said, “We are pleased to support Metal & Waste Recycling through a fully-integrated, true asset-based loan and our award-winning cash management solution, CashPro Online, which provides instant views of client receipts and payments. The completion of this facility shows the suitability for an asset-based loan to work alongside other stakeholders”.

KPMG, LLP was the debt advisor to Metal & Waste Recycling. The Bank of America Business Capital team was led by Jeremy Harrison, Regional Group Head in London.

Metal & Waste Recycling Ltd is a privately-owned company with 14 depots throughout the UK. The business has turnover of £300 million and processes waste scrap metal to provide high-quality feedstock for a broad range of UK and international steel mills and foundries.

Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than 10 primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of £10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.