04 June, 2013 | Atlanta Business ChronicleShare
Atlanta Business Chronicle
June 4, 2013
Novelis Inc. secured a $1 billion line of credit from Wells Fargo Capital Finance.
The unit of Wells Fargo & Co. (NYSE: WFC) said the facility refinanced Atlanta-based Novelis'' existing credit facility, and funded working capital needs, capital expenditures and general corporate purposes. Novelis is a maker of aluminum rolled products and an aluminum can recycler.
"Novelis is in the midst of a significant investment program involving major capacity expansions to meet growing demand worldwide," said Steve Fisher, Novelis chief financial officer, in a statement. "The amended credit facility will further strengthen our liquidity and provide additional flexibility, helping to support these investments."
Novelis reported recently its profit jumped 126 percent to $203 million in fiscal 2013 due to two large-scale expansions, closing/divesting underperforming and non-core assets and making good progress on several ongoing global rolling, finishing and recycling expansions.