Steel Mills

Big River Steel Closes on Financing

August 23, 2017

More than a billion dollars of financing is headed to Big River Steel. The Osceola, Ark., steel company announced Thursday that it has closed on $1.225 billion of financing that will be used to refinance a substantial majority of its outstanding debt and for general corporate and working capital purposes.

The financing includes $600 million of senior secured notes due 2025, a six-year $400-million senior secured term loan facility, and a five-year $225-million asset-based lending facility.

“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.”

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.