BlueScope Steel announces successful bank debt refinancing
22 December 04
BlueScope Steel Limited (ASX:BSL) today announced that it has completed a successful refinancing of its major bank debt facilities.
The company's A$400 million Loan Note Facility and A$50 million of its working capital facilities were refinanced and increased to a single A$600 million syndicated bank facility.
BlueScope Steel's Chief Financial Officer Brian Kruger said: "The bank market showed a high level of enthusiasm for the BlueScope Steel name. As a consequence we were able to improve pricing and bring other key terms more into line with those achieved in our very successful US$300 million Private Placement debt raising earlier this year."
The A$600 million syndicated bank facility consists of a A$100 million 364 day tranche, a A$300 million three year tranche and a A$200 million five year tranche. The borrowing entity is BlueScope Steel (Finance) Limited, which will be guaranteed by BlueScope Steel Limited.
Mr Kruger said the transaction was a further endorsement of BlueScope Steel's strong credit profile and its strategic direction.
The refinancing was jointly arranged by the Commonwealth Bank of Australia and Westpac Banking Corporation.
About BlueScope Steel Limited (ASX: BSL)
BlueScope Steel is the leading steel producer in Australia and New Zealand, supplying the majority of the flat steel products sold in these markets. BlueScope Steel's principal customers are in the building and construction, automotive, packaging and general manufacturing industries. The Company's steelworks at Port Kembla is Australia's largest and one of the world's lowest cost producers of hot rolled coil. Steel rolling, coating and painting plants are located in Australia, New Zealand, Thailand, Malaysia and Indonesia, and the Company has a network of roll-forming facilities across the Asia Pacific region that is unmatched by any other steel company. Additional metal coating and painting lines are under construction in China, Vietnam and Thailand.
BlueScope Steel also has a 50 per cent interest in a steel mini-mill in Delta, Ohio, USA. In April 2004, the Company completed the acquisition of Butler Manufacturing, with operations in North America and China, creating a strong, global steel building components and pre-engineered buildings business.
For further information about BlueScope Steel Limited: www.bluescopesteel.com
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BlueScope Steel Limited ABN 16 000 011 058 BlueScope is a trademark of BlueScope Steel Limited