Severstal Columbus Signs $350 Million Revolving Credit Facility
07/29/2011 - Severstal Columbus has signed a $350 million syndicated revolving credit facility, proceeds of which will be used, among other things, to refinance an existing $150-million revolving credit facility.
Severstal Columbus, LLC has signed a $350 million syndicated revolving credit facility.
The company said it would use proceeds of the committed facility for working capital, general corporate purposes and to refinance the existing $150-million revolving credit facility. The $350 million facility has a maturity of five years.
A successful syndication allowed Severstal Columbus, LLC to increase the size of the facility from an originally-sought level of $300 million to $350 million. A total of ten banks participated in the facility.
Citigroup Global Markets Inc. and Wells Fargo Capital Finance, LLC acted as joint lead arrangers and joint book runners of the facility and Citibank, N.A. will be the administrative agent and the collateral agent.
