Steel Dynamics Announces Increased Revolving Credit Facility
06/20/2007 - Steel Dynamics has amended, restated and expanded its senior secured revolving credit facility from the prior $350-million level to a renewed 5-year $750-million facility.
Steel Dynamics, Inc. says it has amended, restated and expanded its senior secured revolving credit facility from the prior $350-million level to a renewed 5-year $750-million facility.
Subject to certain conditions, Steel Dynamics also has the opportunity to increase the facility size by an additional $350 million.
The company says the amended facility is guaranteed by certain of its subsidiaries, and is secured by substantially all of its accounts receivable and inventories. Proceeds from the revolver will be available to fund working capital, capital expenditures, acquisitions, share repurchases and other general corporate purposes.
Earlier on Tuesday, the company also announced that its Board of Directors had approved continuation of a special cash dividend of $0.05 per common share to be distributed in addition to the company's regular quarterly cash dividend of $0.10 per common share. Shareholders of record at the close of business on June 29, 2007 will receive a combined cash dividend of $0.15 per common share payable on July 13, 2007.
