Magnetation LLC Completes $15 Million Incremental Increase to Revolving Credit Facility

GRAND RAPIDS, Minn., Dec. 15, 2014 /PRNewswire/ -- Magnetation LLC ("Magnetation") announced today that it has closed on a $15,000,000 incremental increase to its senior secured revolving credit facility dated May 20, 2013 (the "Credit Facility").  The proceeds from the Credit Facility will be used for general corporate purposes.  J.P. Morgan Chase Bank, N.A. is the administrative agent for the Credit Facility, with J.P. Morgan Securities LLC acting as sole lead arranger and sole bookrunner, and Associated Bank, N.A. and BMO Harris Bank N.A. acting as co-syndication agents.

"This incremental debt provides additional capital as we complete the build-out phase of our new Plant Four and continue ramping up our pellet plant," said Larry Lehtinen, CEO of Magnetation.  "These world-class assets allow us to serve our partner and customer AK Steel with high quality fluxed pellets for their blast furnace operations."

Magnetation recently began production at its three million tonne per year pellet plant in Reynolds, Indiana to feed partner AK Steel's blast furnace operations in Middletown, Ohio and Ashland, Kentucky.  In addition, the company is in the final stages of constructing a new iron ore concentrate plant, Plant Four, near Grand Rapids, Minnesota.  The two million tonne per year facility will supply additional concentrate to the pellet plant and is scheduled to begin operating in the first quarter of 2015.       

Magnetation LLC:

Magnetation LLC is a joint venture between Magnetation, Inc. (50.1% owner) and AK Steel Corporation (49.9% owner).  Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins.  Magnetation LLC owns three iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and a 3.0 million metric tonne per year iron ore pellet plant in Reynolds, IN.  Additional information about the company is available at www.magnetation.com.  

Contact:
Griffin Moe
1-218-966-9519
[email protected]

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/magnetation-llc-completes-15-million-incremental-increase-to-revolving-credit-facility-300009940.html

SOURCE Magnetation LLC

Related Links

http://www.magnetation.com