NLMK USA, NLMK Group’s American Division, has refinanced a $250 million credit line acquired in 2011. The new revolving credit line has a maturity of 4 years and will be used to finance working capital and general corporate activities.
The borrowers are NLMK Indiana, NLMK Pennsylvania, Sharon Coating, and NLMK North America Plate trading companies. Bank of America is acting as coordinator, bookrunner, credit agent and collateral agent. Other banks involved in the deal are J.P. Morgan and Citibank.
The loan is backed with NLMK USA receivables and inventory; and a guarantee from Novolipetsk, which has an investment grade credit rating from S&P and Fitch.
NLMK USA is one of the leading steel companies in the USA. It comprises NLMK Indiana, NLMK Pennsylvania and Sharon Coating, producing slabs, HRC, CRC and HDG. NLMK USA steelmaking capacity is around 0.8 million tons; its rolling capacity is about 2.9 million tons. Division sales grew by 3%, to 1.8 million tons in 2016, driven by high demand from key consumers. (NLMK/Ukrainian metal)