GE Capital Agents $610 Million Asset-Based Facility for EVRAZ
GE Capital, Corporate Finance announced it is administrative agent on a $610 million asset-based credit facility for EVRAZ North America, a steel manufacturer. The loan will be used for working capital and general corporate purposes. GE Capital Markets served as joint lead arranger and joint bookrunner.
Headquartered in Chicago, IL, EVRAZ North America operates eight facilities across the U.S. and Canada. EVRAZ North America annually produces approximately 5 million tons of flat, long and tubular steel products for major markets including infrastructure, defense, energy and rail. EVRAZ North America is a wholly owned subsidiary of EVRAZ Plc, one of the largest vertically integrated steel and mining businesses in the world.
“GE Capital’s deep understanding of the steel business has been invaluable,” said Mike Rehwinkel, CEO of EVRAZ North America. “This credit facility meets our unique needs and provides liquidity and funding for our U.S. and Canadian operations.”
“We have worked closely with EVRAZ for many years,” said Tom Quindlen, president and CEO, GE Capital, Corporate Finance. “Providing steel companies with working and growth capital to help build their business is one of our specialties.”