Steel Products
Big River Steel Closes on Financing
Written by Sandy Williams
August 24, 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.”
{loadposition reserved_message}
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 Products
Steel imports strengthen through April licenses
March 2024 represents the third highest monthly steel import rate seen over the prior year.
Active rig counts mixed entering May
Drilling activity declined in the US but increased in Canada, according to the latest data from Baker Hughes.
AISI: US steel shipments slip y/y in March
US steel mill shipments dropped in March on-year but were up from February, according to the most recent figures from the American Iron and Steel Institute (AISI).
Northwest Pipe profits soar in first quarter
Northwest Pipe’s profits more than doubled in the first quarter on-year, as the company expects a strong remainder of the year in both its steel pressure pipe and precast segments.
CRU aluminum: Extrusion shipments, earnings highlights
Latest AA extrusion shipment report shows persistently weak demand The US Aluminum Association released its latest shipment report for extruded products. According to the report, shipments in March 2024 totaled 383.2 million pounds, representing a drop of 10.6% y/y but a rise of 4.5% m/m. For the YTD period through March, total shipments are now […]