On March 10, US-based steelmaker California Steel Industries Inc. (CSI) announced that it will redeem all of its outstanding 6.125 percent senior notes due March 15, 2014 in accordance with the terms of the indenture governing the notes, effective on April 8, 2011.
The company said that it will use an unsecured credit facility recently entered into with Mizuho Corporate Bank, Ltd., and funds from its established revolving line of credit with Wells Fargo Bank to fund the redemption, adding that these financial arrangements mean both reduced debt and financial costs.
The notes were issued in 2004, replacing the company's initial 1999 issuance of senior notes.