SAULT STE. MARIE, ON, Sept. 20, 2012 /CNW/ - 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
Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario. Revenues
are derived primarily from the manufacture and sale of rolled steel
products, including hot and cold rolled sheet and plate.
SOURCE: Essar Steel Algoma Inc.
For further information:
Manager, Corporate Communications