Steel Mills

Big River Steel Closes on Financing
Written by Sandy Williams
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.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Hot-rolled coil market remains slow, market participants say
Hot rolled spot market participants reported another week of moderate demand and ample supply, with no strong signs that conditions will change next week.

CRU: Blackout knocks out ArcelorMittal mill ‘for months’
Truchas works in Lazaro Cadenas, Michoacan, western Mexico. Repairs may take up to six months.

Nippon Steel posts quarterly loss on cost to buy U.S. Steel
Nippon Steel earnings take hit from buy of U.S. Steel.

Atlas completes Evraz NA deal, renames firm, and hires former USS exec as CEO
Atlas Holdings has completed its acquisition of Evraz North America (Evraz NA) and its subsidiaries.

ArcelorMittal: As tariffs slow global growth, Calvert could be a bright spot
ArcelorMittal expects less demand growth across most of the markets it operates in, including the US, because of President Donald Trump’s tariffs. But the Luxembourg-based steelmaker also thinks it stands to benefit from an increasingly regionalized world thanks to investments like the new EAF at its mill in Calvert, Ala.