Oregon Steel Mills amends loan, changing covenants through maturity

By Sara Rosenberg

New York, Aug. 14 - Oregon Steel Mills Inc. amended its $75 million revolver, changing certain covenants as of June 30 through June 30, 2005 due to impairment charges and ongoing difficult industry conditions. Furthermore, as part of the amendment, the revolver will be reduced by $10 million.

At June 30, under the $75 million revolver, $5 million was restricted, an additional $8 million was restricted under outstanding letters of credit and $62 million was available for use. Total debt outstanding net of cash of $24.7 million was $277 million, compared to $254 million at the end of June 30, 2002.

For the second half of the year, the company believes that its cash position will be positive, and it does not expect to have balances outstanding on its credit facility at year-end, according to a news release.

Oregon Steel Mills is a Portland, Ore. manufacturer and marketer of a line of specialty and commodity steel products.

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