Republic Engineered gets facility, redeems $80 million of secured notes

New York, May 25 - Republic Engineered Products Inc. said that it has put in place a five-year $200 million revolving credit facility and said that the credit facility, along with the simultaneous early redemption of Republic's $80 million in existing senior secured notes, finalizes the company's financial restructuring.

Republic - a Fairlawn, Ohio-based producer of special bar quality steel that restructured under Chapter 11 late in 2003 - gave no further details about the note redemption.

It said the credit facility financing arrangement is led by GE Commercial Finance as agent and includes UBS Loan Finance LLC, Bank One and Merrill Lynch Capital as participants.

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