WCI gets liquidity boost in revamped $150M credit accord

Dec 27, 2007 | 08:00 AM | Scott Robertson

WCI Steel Inc., Warren, Ohio, has entered into an agreement to modify its $150-million credit facility with Harbinger Capital Partners Master Fund I, replacing WCI's current bank group headed by Citigroup Inc. and including several other banks.

Harbinger leads a consortium that is WCI's largest shareholder, with about 23 percent of its common stock and about 39 percent of its preferred stock.

The arrangement allows WCI to borrow the full $150 million available under its credit facility, thus increasing the company's ability to borrow against the facility by about $60 million, a company spokesman said.....

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