GE Commercial Finance Corporate Lending announced it has provided US$173.5m in financing to United States Steel Corporation.
The financing commitment from GE Commercial Finance is part of US$600m senior secured revolving loan facility, for which GE served as Co-Lead Arranger, Co-Syndication Agent and Co-Collateral Agent. GE Commercial Finance will hold its entire financing amount. The US Steel facility, which replaced an existing loan facility, closed on 22 October.
"Our intent in this transaction was to structure a facility that reflects our company's strong financial profile and provides enhanced flexibility while addressing our ongoing capital requirements," said Larry Brockway, US Steel vice president & treasurer. "GE's commitment helped us meet all our goals."
With domestic and European operations, US Steel is the largest fully integrated steel producer headquartered in the United States.
Source: Business Wire
