Stelco amends ABL facility for new C$100 million secured term loan

By Sarah Lizee

Olympia, Wash., Nov. 5 – Stelco Holdings Inc. announced that its wholly owned subsidiary, Stelco Inc., has amended its asset-based credit facility to include a C$100 million secured term loan due August 2023.

The interest rate is CDOR/Libor plus 225 basis points to 275 bps, depending on amounts drawn.

The loan is being made available through the existing ABL credit facility with the current syndicate of lenders.

Stelco intends to use the net proceeds for capital expenditures and general corporate purposes.

Stelco is a steel company based in Hamilton, Ont.

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