Le Lézard
Classified in: Mining industry, Business
Subject: FNC

Big River Steel Closes on $1.225 Billion of Financing


OSCEOLA, Ark., Aug. 24, 2017 /PRNewswire/ -- Big River Steel LLC ("Big River Steel" or the "Company") announced today that it closed on $1.225 billion of financing consisting of $600 million of Senior Secured Notes due 2025 (the "Notes"), a six-year $400-million senior secured term loan facility (the "Term Loan Facility") and a five-year $225-million asset-based lending facility (the "ABL Facility").  Proceeds from the Notes, the Term Loan Facility and the ABL Facility were used by Big River Steel to refinance a substantial majority of its outstanding indebtedness and for general corporate and working capital purposes.

(PRNewsfoto/Big River Steel)

"Big River Steel is extremely proud of the overwhelming support shown by the financial community and others as we achieved another significant milestone in the growth of our company," said Dave Stickler, chief executive officer of Big River Steel, when asked to comment on the closing of the financing. "Our ability to attract this amount of capital so early in our operating life is a testament to the hard work of our employees and our lead technology provider, SMS group." ­

Big River Steel owns and operates a scrap metal recycling and flat-rolled steel production facility on a 1,100-acre site adjacent to the Mississippi River in northeast Arkansas. Big River Steel melted its first scrap metal and produced its first steel in December 2016. Over the past nine months, Big River Steel has provided steel products to over 120 customers in the automotive, energy, construction and agricultural industries.

Goldman Sachs & Co. LLC served as the Sole Bookrunning Manager on the Notes and Goldman Sachs Banks USA served as Sole Lead Arranger and Bookrunner on the Term Loan Facility. TPG Capital BD, LLC served as a co-manager on the Notes and Term Loan Facility. 

Goldman Sachs Banks USA, BMO Harris Bank, N.A, Wells Fargo Bank, N.A. and Bank of America, N.A., served as Joint Lead Arrangers and Joint Bookrunners on the ABL Facility. Goldman Sachs Banks USA will serve as the Administrative Agent on the ABL Facility as well as the Term Loan Facility.

 

SOURCE Big River Steel


These press releases may also interest you

at 20:05
West Red Lake Gold Clarifies and Confirms Madsen Property has Mineral Resources but not Reserves
West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") announced today that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify certain...

at 18:56
GETTY COPPER INC. ANNOUNCES DEBT SETTLEMENT
Getty Copper Inc. (the "Company") today announced that they have agreed to issue 11,650,000 shares at a price of $0.05 per share to settle $582,500 of indebtedness of the Company. This includes 10,000,000 shares to be issued to non arms length...

at 18:30
LUCARA REPORTS VOTING RESULTS FROM ANNUAL MEETING
(BSE: LUC) Please view PDF version Lucara Diamond Corp. ("Lucara" or the "Company") held its Annual General and Special Meeting of shareholders in Vancouver, British Columbia today. Shareholders voted as follows on the matters before the meeting:...

at 18:20
IBC Advanced Alloys Closes Sale Leaseback Transaction
IBC Advanced Alloys Corp. ("IBC" or the "Company") is pleased to announce that it has closed the Company's previously announced sale leaseback transaction with Flatbay Properties LLC ("Flatbay").Pursuant to a purchase...

at 17:50
Azucar Grants Stock Options
Azucar Minerals Ltd. ("Azucar" or the "Company") announces that, pursuant to its Stock Option Plan, it has granted stock options to a director of the Company to purchase 400,000 common shares in the capital of the Company at an exercise price of...

at 17:45
Fonon Corporation Highlights Applications for Its Laser Cutting Technology in the Mining Industry
Fonon Corporation, a multi-market holding company, R&D center, equipment designer and manufacturer of advanced laser material processing systems for subtractive and additive manufacturing, highlights applications for its laser cutting technologies in...

More news about Mining industry...


News published on and distributed by: