Big River Steel closed on $1.225 billion of financing with a syndicate of banks led by Goldman Sachs.
The financing consisted of $600 million of senior secured notes due 2025, a six-year $400-million senior secured term loan facility and a five-year $225-million asset-based lending facility.
Proceeds were used by Big River Steel to refinance a substantial majority of its outstanding indebtedness and for general corporate and working capital purposes.
Goldman Sachs Banks USA served as the administrative agent on the ABL facility and term loan facility. Goldman Sachs, BMO Harris Bank, Wells Fargo Bank and Bank of America served as joint lead arrangers and joint bookrunners on the ABL facility.
Goldman Sachs served as the sole bookrunning manager on the notes and as sole lead arranger and bookrunner on the term loan facility. TPG Capital BD served as a co-manager on the notes and term loan facility.
“Big River Steel is extremely proud of the overwhelming support shown by the financial community and others as we achieved another significant milestone in the growth of our company,” said Dave Stickler, chief executive officer of Big River Steel. “Our ability to attract this amount of capital so early in our operating life is a testament to the hard work of our employees and our lead technology provider, SMS group.”
Big River Steel owns and operates a scrap metal recycling and flat-rolled steel production facility on a 1,100-acre site adjacent to the Mississippi River in northeast Arkansas.