Tempel Steel to pay down loan borrowings with senior notes proceeds

By Sara Rosenberg and Paul A. Harris

New York, July 20 - Tempel Steel Co. plans on refinancing its existing credit facility using proceeds from a $130 million senior secured notes offering, according to a market source.

Other funds for the refinancing will come from a $30 million equity contribution from shareholders.

Temple Steel is a Chicago-based manufacturer of magnetic steel laminations used in the production of motors and transformers.

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