TimkenSteel to pay down asset-based revolver via new convertibles

By Marisa Wong

Morgantown, W.Va., May 24 – TimkenSteel Corp. said it intends to repay a portion of the amounts outstanding under its asset-based revolving credit facility using proceeds from a notes offering.

The company announced on Tuesday that it plans to sell $75 million of convertible senior notes due 2021 in a registered public offering.

TimkenSteel makes tailored steel products and provides supply chain and steel services. The company is based in Canton, Ohio.

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