Magnetation bumps up revolving credit facility by $15 million

By Toni Weeks

San Luis Obispo, Calif., Dec. 15 – Magnetation LLC said it closed on a $15 million incremental increase to its senior secured revolving credit facility dated May 20, 2013.

Proceeds will be used for general corporate purposes.

“This incremental debt provides additional capital as we complete the build-out phase of our new plant four and continue ramping up our pellet plant,” chief executive officer Larry Lehtinen said in a press release.

J.P. Morgan Chase Bank, NA is the administrative agent, with J.P. Morgan Securities LLC as sole lead arranger and sole bookrunner and Associated Bank, NA and BMO Harris Bank NA as co-syndication agents.

Magnetation, a joint venture between Magnetation, Inc. and AK Steel Corp., recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. It is based in Grand Rapids, Minn.

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