In a statement, Liberty Steel said it raised a US$40 million term loan with Eclipse Business Capital to refinance its existing term loan before its maturity in January 2023. It also increased its existing asset-based lending facility with Eclipse from US$125 million. 

“The successful refinancing of our term loan and the enhancement of our ABL with Eclipse Business Capital off the back of strong results this year shows the growing confidence in the future of our business and concludes our current financing needs,” said Axel Ampolini, executive vice president, LIBERTY Steel USA. 

The company said that in the first half of fiscal 2022, it saw its revenue increase 18% over the same period in 2021. Earnings before interest, taxes, depreciation and amortization increased, too, during the same period, rising by 97%. 

“LIBERTY Steel USA is on course for its most profitable year as it continues to serve its customers with differentiated products, including from its iconic Red Brand range of wire fencing products,” the company said.