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US Plastic Lumber Raises $4 Mil

BOCA RATON-The locally based manufacturer has raised $4 million in working capital through a private stock placement with Halifax Fund of the Cayman Islands. Boca Raton is 42 miles north of Miami.

By David R. Corder | Updated on June 20, 2001

BOCA RATON-US Plastic Lumber Inc. has raised $4 million in working capital through a private stock placement with Halifax Fund. The Cayman Islands-based limited partnership, managed by Palladin Group, earlier this year claimed beneficial ownership of 3.8 million shares or 9.9% of the outstanding publicly traded shares in US Plastic.

“This transaction completes the critical first step of our commitment to refinance USPL’s existing capital structure,” John W. Poling, US Plastic chief financial officer, says in a prepared statement.

“We believe that with this financing in place, USPL can move forward with several equipment and real estate transactions that would further strengthen our balance sheet and allow us to refinance our existing senior debt on more favorable economic terms.”

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