Magnetation, an iron ore concentrate reclamation company, announced that it closed $110 million of senior secured credit facilities. The credit facilities are comprised of a $25 million senior secured revolving credit facility, a $50 million senior secured term loan A and a $35 million senior secured delayed draw term loan.

JPMorgan Chase is the administrative agent and J.P. Morgan Securities acted as the sole lead arranger and bookrunner of the syndication. Associated Bank and BMO Harris Bank are co-syndication agents with RBS Citizens as a participant.

The proceeds from the facilities will be used for growth-related capital expenditures for phase 2 of Magnetation’s development, which includes the construction of a new plant in Reynolds, IN that will produce iron ore pellets, a critical raw material in the steelmaking process.

“This new capital allows us to continue to execute on our Phase 2 growth plans in an efficient manner, as well as demonstrate our strong relationships with lenders,” said Larry Lehtinen, CEO of Magnetation.

Magnetation reclaims iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins.