Integris Metals Closes US$300M Cross-Border Financing

On August 26, 2002, Integris Metals, the largest distributor of specialty metals in North America, closed a US$300 million asset-based revolving credit facility with a syndicate of financial institutions led by JPMorgan Chase Bank. Under the cross-border credit facility, up to US$250 million will be available to the Canadian subsidiary. As part of the transaction, security was taken over all of the inventory and receivables of Integris Metals, inc. its U.S. subsidiaries, and the Canadian Subsidiary, Integris Metals Ltd. Integris Metals is a joint venture of Alcoa and BHP Billiton.

Integris Metals, inc. was represented by Mayer, Brown, Rowe & Maw in Chicago, with a team comprised of J. Trent Anderson (corporate finance), Peter Gruszka and Richard newman (banking and finance), James P. Patti (project finance) and Jim Barry (tax). In Canada, integris Metals Ltd. Was represented by Osler Hoskin & Harcourt LLP, with a team comprised of George Valentini, Richard Borins and Florence Weinstock (corporate finance) and Julie Colden (tax). JPMorgan Chase Bank was represented in the U.S. by Davis Polk Wardwell in New york, with a team comprised of Jeff Rogers, Kathy Martin, Paula Bokser and Tanya Fry (corporate finance) and David Wentzell (tax).