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Algoma Steel talks $350 million five-year second-lien notes at 9¼%-9½%; pricing Tuesday
By Abigail W. Adams
Portland, Me., March 26 – Algoma Steel Inc. talked its $350 million offering of five-year senior secured second-lien notes (B3/B/BB-) to yield 9¼% to 9½%, according to a market source.
Early guidance was for a yield in the 9½% area.
Books close at noon ET with pricing thereafter.
The notes are non-callable for two years.
Jefferies LLC is lead left bookrunner for the Rule 144A and Regulation S offering.
BMO Capital Markets Corp. and Stifel, Nicolaus & Co. Inc. are also bookrunners.
Proceeds will be used for general corporate purposes.
Algoma Steel is a Sault Ste. Marie, Ont.-based steel producer.
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