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
Rig count update: US activity stable, Canada slips
The number of oil and gas rigs operating in the US remained unchanged this week for the second consecutive week, while Canadian activity declined, according to the latest data released from Baker Hughes.
SMU market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
Domestic, offshore CRC prices steady
The price spread between US-produced cold-rolled (CR) coil and offshore products on a landed basis was unchanged in the week ended Dec. 20.
SMU Survey: Mill lead times contract slightly, remain short
Steel mill production times have seen very little change since September, according to buyers participating in our latest market survey.
Worthington Enterprises’ earnings dip in fiscal Q2’25
Worthington Enterprises' profits edged down in its fiscal second quarter of 205 vs. a year earlier. The company said a slump in sales in the quarter was due largely to the "deconsolidation" of the Sustainable Energy Solutions segment in the fourth quarter of fiscal 2024.