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Essar Steel expected to sell $625 million secured notes in two parts
By Paul A. Harris and Sara Rosenberg
Portland, Ore., Oct. 15 – Essar Steel Algoma is expected to sell $625 million of secured notes, according to market sources.
The deal is expected to include $350 million of senior secured notes (Ba3/B+) and $275 million of third-lien secured notes (B3/B-).
Timing and syndicate names have not yet been announced.
The company is also in the market with a $350 million 4¾-year first-lien term loan (Ba3/B+), which launched Wednesday via Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Jefferies Finance LLC.
Proceeds will be used to help refinance the company’s capital structure.
Essar Steel is a Sault Ste. Marie, Ont.-based manufacturer of hot and cold rolled steel products.
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