BankBoston Business Credit Co-Agents $130 Million for California Steel Industries, Inc.BOSTON--(BUSINESS WIRE)--March 29, 1999--BankBoston Business Credit today announced that it has co-agented a $130 million secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility for California Steel Industries, Inc. Headquartered in Fontana, CA, California Steel Industries is a processor of hot and cold rolled sheet steel, galvanized gal·va·nize tr.v. gal·va·nized, gal·va·niz·ing, gal·va·niz·es 1. To stimulate or shock with an electric current. 2. sheet steel and electric resistance welded pipe. The funds will provide working capital to support future company growth. BankBoston Business Credit is the loan and collateral agent for this $130 million facility. "The executive staff at California Steel Industries maintain an excellent record for managing their business in a competitive and highly cyclical environment," said Edward P. Collins, executive vice president of BankBoston Business Credit. "BankBoston was extremely diligent in providing us with a financing package to meet our specific needs," said Lourenco Goncalves, president and chief executive officer of California Steel Industries, Inc. California Steel Industries, Inc., formed in 1983, purchases all of its raw steel from outside vendors and is the largest importer and second largest purchaser of slab steel in the world. BankBoston Business Credit is one of the leading asset-based lenders in the country. It is a division of BankBoston, N.A., the nation's 16th largest bank holding company with assets of $73.8 billion. BankBoston Business Credit operates 11 offices nationwide staffed by individuals who bring a wide range of industry expertise to each relationship. The company provides working capital facilities, long-term capital for expansion, turnaround financing, capital markets advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , global trade finance and cash management services. During 1998, BankBoston Business Credit underwrote more than $3.3 billion in financing to companies across the U.S., Canada and the UK. BankBoston (NYSE NYSE See: New York Stock Exchange : BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ), with assets of $73.5 billion and some 25,000 employees, is the nation's oldest commercial bank and New England's only global bank. BankBoston is engaged in consumer and business banking in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. ; delivering sophisticated financial solutions to corporations and governments nationally and internationally; and full-service banking in leading Latin American markets. The Corporation's common stock is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Boston stock exchanges. |
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