Business
Stelco Announces Improvements to its $600 Million Revolving Credit Facility
Stelco Announces Improvements to its $600 Million Revolving Credit Facility.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\nHAMILTON, ON, March 23 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nit has completed certain amendments to its current $600 million asset based\nrevolving credit facility. These amendments include extending the term of the\nfacility to 2012, increasing the availability under the facility and providing\nthe opportunity to lower the overall financing costs of the Corporation in the\nfuture. This facility is being provided by a banking syndicate led by CIT\nBusiness Credit Canada Inc. and GE Capital Markets, Inc., and includes Bank of\nAmerica, N.A., Canada Branch, GMAC Commercial Finance Corporation - Canada,\nLaSalle Business Credit, UBS AG Canada Branch and Wells Fargo Financial\nCorporation Canada.\n\n\nMr. Rodney Mott, President and CEO, stated that, "These amendments to our\nloan arrangements are very positive for Stelco as they provide a longer term\ndebt structure and they will likely lead to lower financing costs in the\nfuture. We appreciate the full cooperation of our lenders in working with the\ncompany to complete these new arrangements."\n\n\nAbout Stelco\n\n\nStelco is one of Canada's largest steel companies. It is focused on its\ntwo Ontario-based integrated steel businesses located in Hamilton and in\nNanticoke. These operations produce high quality value-added hot rolled, cold\nrolled, coated sheet and bar products. To learn more about Stelco and its\nbusinesses, please refer to our Web site at www.stelco.com.\n\n\nCAUTION REGARDING FORWARD-LOOKING INFORMATION\n\n\nThis press release contains "forward-looking information" that is based\non Stelco's expectations, estimates and projections as of the date of this\npress release or as of the date which such information is identified to be\ngiven. This forward-looking information includes, among other things, factors\nrelating to the business, financial position, operations and prospects of\nStelco, including: Stelco's strategies and plans to reduce costs and the\nanticipated outcome of such strategies and plans; anticipated productivity\nlevels and profitability; labour matters related to Stelco's predominantly\nunionized workforce; pension matters; consolidation in the steel industry;\nStelco's energy and raw material costs and the availability of such materials;\nthe volatility of selling prices for steel; international trade matte...