California Steel closes on $110 million revolver

By Sara Rosenberg

New York, July 15 - California Steel Industries Inc. renewed its existing revolver for a three-year period. Bank of America is the lead bank and the syndicate also includes Bank of Tokyo - Mitsubishi, Wells Fargo Bank, and Mizuho Corporate Bank Ltd.

The new $110 million revolver replaces the Fontana, Calif. steel company's previous $130 million facility that was scheduled to mature in March 2004.

"We are very pleased with the competitive terms and conditions of this renewal," said Vicente Wright, president and chief executive officer, in a news release. "This is actually an amendment to the original facility, which will mainly give us more flexibility and, along with our strong liquidity and balance sheet, provide us support in our goals for the future.

"Now more than ever, the steel industry is facing some of the toughest market conditions, and I thank our bank group for their tremendous support and commitment to CSI and to our management team. That said, we are so confident in our company's strength that we even reduced the line by $20 million," Wright concluded.

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