Claymont Steel plans $80 million credit facility

By Sara Rosenberg

New York, Feb. 5 - Claymont Steel Inc. is planning on getting a new $80 million senior secured credit facility, according to a company news release.

The facility will consist of a $60 million five-year revolver with pricing ranging from Libor plus 100 to 175 basis points based on availability, and a $20 million three-year term loan expected at Libor plus 250 bps.

Proceeds from the facility, along with $105 million in senior notes, will be used to redeem senior secured floating-rate notes due 2010.

Claymont Steel is a Claymont, Del., manufacturer and seller of custom discrete steel plate.

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