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Essar Steel Algoma Closes Senior Secured Term Loan Facility
LOCAL2 Staff for local2 sault ste. marie
September 21st, 2012 at 11:49am
Essar Steel Algoma Inc. announced today that it has closed the previously announced senior secured asset-based term loan in an aggregate principal amount of US$350 million. Deutsche Bank Securities Inc. acted as sole lead arranger for the term loan facility.
The term loan has a maturity of two years and is 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 Company has applied a portion of the proceeds of the term loan to repay in full all
outstanding amounts and terminate all commitments under Essar Steel Algoma’s current senior secured asset-based revolving credit facility