Liberty Tire Recycling completes refinancing, concludes exchange offer

Pittsburgh-based Liberty Tire Recycling Holdco LLC and its subsidiaries have completed the refinancing of its existing term loan and exchange offer relating to its 11 percent second lien secured notes due 2021.

The transactions substantially deleverage the company’s balance sheet, reduce interest expense, extend the maturity of its term loan and notes, and better position Liberty Tire to capitalize on growth opportunities, according to the company.

As part of the transactions, Carlyle Strategic Partners IV L.P., an investment fund managed by The Carlyle Group, became Liberty Tire’s majority equity sponsor and is partnering with Liberty to provide additional strategic resources to support its continued success.

Read the source article at Recycling Today