Main Steel Polishing - Sovereign Bank
Since its founding 50 years ago, Main Steel Company, Inc. has grown to be the largest independent stainless steel toll processor in the United States. It provides metal polishing, slitting and cutting services to mills and metal distributors.
Main Steel engaged Grace Matthews to advise the company on refinancing its bank debt during a particularly difficult time in the steel industry. Grace Matthews prepared offering materials about the company, went to market, and ran a competitive process to get the best possible bank terms for Main Steel. Ultimately, the company was recapitalized with a combination of bank financing provided by Sovereign Bank and an equity infusion.
Since the company’s recapitalization, it has enjoyed a period of historic growth and profitability and has repaid a significant portion of its bank debt.