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Essar Steel Algoma Closes Senior Secured Note Offering
12/21/2009 - Essar Steel Algoma’s previously announced offering of US$400 million aggregate principal amount of senior secured notes due 2015 has closed.
Essar Steel Algoma Inc.’s previously announced offering of US$400 million aggregate principal amount of senior secured notes due 2015 has closed.
The company has applied the net proceeds from the sale of the notes to repay all amounts outstanding under its existing senior secured term loan facility and to repay a portion of the amount outstanding under its existing senior secured revolving credit facility.
The notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. without registration under the Securities Act or pursuant to an applicable exemption from such registration.
The notes have been offered in the U.S. only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the U.S. in reliance on Regulation S under the Securities Act.
A member of Essar Group, Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ont. As a fully integrated steel producer, the company derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate.
