NEW YORK Iron ore
concentrates producer Magnetation LLC has closed $110 million
in senior secured credit facilities to fund an expansion, the
company said Feb. 26.
The funding includes a
$25-million revolving credit facility, $50-million term loan
and $35-million delayed-draw term loan.
The money will be used for the
construction of a 3-million-tonne-per-year iron ore pellet
plant in Reynolds, Ind., and two new concentrate reclamation
plants in northern Minnesota.
"The new capital allows us to
continue to execute our phase-two growth plans in an efficient
manner, as well as demonstrate our strong relationship with
lenders," Magnetation chief executive officer Larry Lehtinen
Magnetation LLC is a joint
venture between Nashwauk, Minn.-based Magnetation Inc., which
owns 50.1 percent, and West Chester, Ohio-based AK Steel Corp.,
which owns 49.9 percent.
A version of this article was first published by AMM
sister publication Steel First.