Steel Dynamics Renews, Increases Revolving Credit Facility
09/30/2011 - Steel Dynamics has amended, restated and expanded its senior secured revolving credit facility from the prior $924 million level to a renewed five-year $1.1 billion facility.
Steel Dynamics, Inc. has amended, restated and expanded its senior secured revolving credit facility from the prior $924 million level to a renewed five-year $1.1 billion facility. Steel Dynamics has the opportunity to increase the facility size by an additional $400 million, subject to certain conditions.
The amended facility is guaranteed by certain Steel Dynamics subsidiaries and is secured by substantially all of its accounts receivable and inventories.
The company said it will use proceeds of the revolver for working capital, capital expenditures and other general corporate purposes.
Bank of America Merrill Lynch, PNC Capital Markets LLC and Wells Fargo Securities, LLC were Joint Lead Arrangers and Joint Bookrunners.
