Daily News: May 28, 2013

Simpson Represents JPMorgan as Agent in Magnetation Revolver

Simpson Thacher announced it represented the initial purchasers, led by joint book-running managers, J.P. Morgan Securities, Jefferies and Deutsche Bank Securities, in the sale of an aggregate principal amount of $325 million 11% senior secured notes due 2018 by Magnetation and Mag Finance.

The firm said it also represented JPMorgan Chase Bank, as administrative agent, and J.P. Morgan Securities as sole lead arranger and sole bookrunner, in connection with a new $50 million senior secured revolving credit facility for Magnetation.

The notes and the credit facility obligations are both guaranteed on a senior secured basis by each of Magnetation’ existing and future direct and indirect domestic subsidiaries, other than, in respect of the notes, Mag Finance.

Magnetation is a natural resources company that focuses on the design, development, construction, and operation of facilities that produce iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins on the Mesabi Range in northern Minnesota.

Previously on abfjournal.com:

Magnetation Completes $375MM Financing, Wednesday, May 22, 2013