Oregon Steel Mills seeking waiver of covenant violation, amendment of covenants

By Sara Rosenberg

New York, Nov. 5 - Oregon Steel Mills Inc. is in talks with lenders regarding a waiver of a covenant violation under its revolving credit facility and the amendment of the loan to obtain new covenants, the company reported.

The company cited ongoing difficult industry conditions as the reason behind the covenant violation, according to a news release.

Oregon Steel Mills expects that an applicable amendment will be issued before its 10-Q filing for the quarter ended Sept. 30.

As of Sept. 30, the company had a $65 million revolver of which $5 million was restricted, an additional $14.3 million was restricted under outstanding letters of credit and $45.7 million was available for use.

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

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