Metals Co. JV Secures $375M In Financing For Iron Ore Plant

Law360, New York (May 21, 2013, 12:46 PM EDT) -- A joint venture of AK Steel Corp. and Magnetation Inc. has secured $375 million in new debt and credit to jumpstart an Indiana-based iron ore pellet plant that will help fuel AK Steel's production plants, according to a Monday statement.

Per the deal, venture Magnetation LLC has nabbed $325 million in senior secured notes, with an 11 percent interest rate and due date of 2018, as well as $50 million in a senior secured credit facility from an undisclosed consortium of lenders, AK Steel said in...
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