ALGOMA STEEL COMPLETES FINANCING.SAULT STE. MARIE Sault Sainte Marie — pronounced "Soo Saint Marie" (IPA /su seɪnt məˈɹi/) — is the name of two cities on the Saint Marys River, which forms part of the boundary between the United States and Canada. , Ont.--(BUSINESS WIRE)--July 12, 1995--ALGOMA STEEL INC.(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALGSF TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ALG ALG antilymphocyte globulin. ALG antilymphocyte globulin. ALG Antilymphocyte globulin, see there ) Algoma Steel Inc. announced today that it has completed the financing for its $525 million strategic capital expenditure program to significantly upgrade its steel manufacturing facilities in Sault Ste. Marie. The program includes the construction of a new thin slab caster linked to a new hot strip mill, at an estimated cost of $400 million. This will result in Algoma Steel combining its low cost steelmaking facilities with new state of the art casting and rolling facilities. Algoma Steel sold 11.875 million common shares at $7.00 per share in a public offering in Canada. It also sold about U.S. $306 million principal amount of 12.375 percent First Mortgage Notes with a term of 10 years for gross proceeds of about U.S. $276 million in a public offering in the United States. Algoma Steel has arranged a new $250 million revolving credit facility with a syndicate of three major banks. The amalgamation of Algoma Finance Corp. and a wholly-owned subsidiary of Algoma Steel became effective today. Algoma Steel will issue about 7.2 million common shares with contingent value rights and pay about $191 million cash in connection with the cancellation of the preferred shares of Algoma Finance. Shareholders have the right to elect to receive cash and/or common shares with CVRs, to the extent available. Algoma Steel, based in Sault Ste. Marie, Ontario For the city of Sault Ste. Marie in Michigan, or the Canadian federal and provincial electoral districts of the same name, see: Sault Ste. Marie. Sault Ste. Marie (nicknamed "the Sault" or "the Soo") is a city on the St. Marys River in Ontario, Canada. , is Canada's third largest integrated steel producer. Revenues are derived primarily from the manufacture and sale of rolled steel products, including hot and cold rolled sheet and plate, seamless tubular products and structural products. Algoma Steel's common shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol ALG and will now be quoted on NASDAQ under the symbol ALGSF. CONTACT: Jim Garner, 416/864-1524 |
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