Sault Ste. Marie, Ontario-based Essar Steel Algoma Inc. announced Thursday that it has closed the previously announced senior secured asset-based term loan in an aggregate principal amount of US$350 million. Deutsche Bank Securities Inc. acted as sole lead arranger for the term loan facility.
The Company has applied a portion of the proceeds of the term loan to repay in full all outstanding amounts and terminate all commitments under Essar Steel Algoma's current senior secured asset-based revolving credit facility.