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On September 1, the second largest Australian steelmaker OneSteel announced that it has signed a AU$590 million (US$534.25 million) syndicated loan facility that will refinance two facilities due to mature in September 2010 and September 2011.
 
The facility was oversubscribed from its original AU$500 million (US$453 million) following strong support from OneSteel's existing lenders.
 
The facility, jointly led by the Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation, will refinance the remaining two tranches (AU$500 million) of the company's existing AU$800 million (US$724.31 million) syndicated facility, of which AU$300 million (US$271.59 million) matured in September 2009.