Magnetation completes USD15m incremental increase to revolving credit facility.
BANKING AND CREDIT NEWS-December 16, 2014-Magnetation completes USD15m incremental increase to revolving credit facility
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Magnetation LLC said that it has closed on a USD15,000,000 incremental increase to its senior secured revolving credit facility dated May 20, 2013.
The proceeds from the credit facility will be used for general corporate purposes.
J.P. Morgan Chase Bank, N.A. is the administrative agent for the credit facility, with J.P. Morgan Securities LLC acting as sole lead arranger and sole bookrunner, and Associated Bank, N.A. and BMO Harris Bank N.A. acting as co-syndication agents.
Magnetation LLC is a joint venture between Magnetation, Inc. and AK Steel Corporation. Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns three iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and a 3.0 million metric tonne per year iron ore pellet plant in Reynolds, IN. Additional information about the company is available at www.magnetation.com.
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