Martinez Steel Corporation

Overview

Deal Type Debt Capital Markets
Details Senior Secured Credit Facilities
Client & Transactional Partners Martinez Steel Corporation
Our Role Sole Lead Arranger
Sole Bookrunner
Administrative Agent

Summary

On July 14, 2022, KeyBank Beach Point Direct Lending Program (the Unitranche Fund) and KeyBank National Association (KeyBank) successfully closed on an undisclosed amount of Senior Secured Credit Facilities in support of Martinez Steel Corporation (MSC or the Company), a portfolio company of New State Capital (New State or the Sponsor). The facilities are comprised of a Revolving Credit Facility and a Unitranche Term Loan. Proceeds from the transaction were used to refinance the Company’s existing indebtedness, support ongoing working capital needs, and pay transaction related fees and expenses. KeyBanc Capital Markets served as Sole Lead Arranger, Sole Bookrunner and Administrative Agent on the transaction.

Headquartered in Los Angeles, CA, Martinez Steel is a leading provider of mission-critical rebar products and services in the state of California. MSC is a one-stop shop for end-to-end rebar fabrication, placement, and other rebar-related products and services. The Company serves stable, growing end markets including mass transit, municipal projects, highway and bridges, and other infrastructure projects with limited exposure to the commercial and residential sectors. MSC maintains long-standing relationships with dozens of leading general contractors and design-build companies. MSC maintains a sizable, contracted backlog centered in multi-phase/multi-year infrastructure projects.

Founded in 2013 in Larchmont, NY, New State Capital Partners is a lower middle market private equity firm with investments in the business and professional services, healthcare, industrial, and consumer verticals. New State has made 16 platform acquisitions, executed 15 add-on acquisitions and is currently investing out of New State Partners Fund III.

Recent Deals

July 2025

a portfolio company of 

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$1.815 Billion

Senior Secured Credit Facilities

$900 Million

8.50% First Lien Secured Notes due 2032

Joint Lead Arranger
Joint Bookrunner

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Senior Secured Credit Facilities

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