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Essar Steel Algoma Engages Deutsche Bank to Arrange a Senior Secured Term Loan Facility

LOCAL2 Staff for local2 sault ste. marie
September 12th, 2012 at 7:19pm | Last Updated September 13th, 2012 at 8:58am


Essar Steel Algoma Inc. confirmed today that the Company has engaged Deutsche Bank Securities Inc. to act as sole lead arranger and sole book-running manager for a senior secured asset-based term loan in an aggregate principal amount of up to
US$350 million.

The term loan is expected to have a maturity of two years and to be secured against all of the
assets of the Company, subject to the security interests over certain assets held for the benefit of the holders of the Company’s senior secured notes.

The proceeds of the term loan would be used to, among other things, repay in full all
outstanding amounts and terminate all commitments under Essar Steel Algoma’s current senior secured asset-based revolving credit facility.

Marketing of the term loan is underway and, if successful, the closing of the term loan is
expected to take place later this month. There can be no assurance that the term loan will be
consummated or, if consummated, that its terms will be consistent with those described above


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