WCI Steel calls 8% notes after company acquired by Severstal

By Angela McDaniels

Tacoma, Wash., July 7 - WCI Steel Inc. said it will redeem its $100 million of 8% senior secured notes due 2016 on Aug. 6.

The notes were called in connection with the acquisition of the company by OAO Severstal, which closed on Monday.

Severstal, a Moscow-based metals and mining company, acquired all of WCI Steel's outstanding equity for about $3.29 per share in cash, or a total cash consideration of $140 million.

WCI Steel is a Warren, Ohio-based producer of value-added, custom steel products and will be known as Severstal Warren, Inc., according to a company news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.