US-based steel producer Severstal Columbus, LLC, subsidiary of Russian steel producer Severstal, has announced that it has signed a $350 million syndicated revolving credit facility. The company intends to use the proceeds for working capital, general corporate purposes and to refinance its existing $150 million revolving credit facility. The $350 million facility has a maturity of five years.
While 10 banks participated in the facility, Citigroup Global Markets Inc. and Wells Fargo Capital Finance, LLC acted as joint lead arrangers and joint book runners of the facility and Citibank, N.A. will be the administrative agent and the collateral agent.