{"id":397892,"date":"2020-12-10T17:13:14","date_gmt":"2020-12-10T22:13:14","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397892"},"modified":"2020-12-10T17:13:14","modified_gmt":"2020-12-10T22:13:14","slug":"algoma-central-corporation-announces-refinancing-of-long-term-debt","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/algoma-central-corporation-announces-refinancing-of-long-term-debt\/","title":{"rendered":"Algoma Central Corporation Announces Refinancing of Long-Term Debt"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Algoma Central Corporation Announces Refinancing of Long-Term Debt<\/b><\/p>\n<p>ST. CATHARINES, Ontario&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAlgoma Central Corporation (\u201cAlgoma\u201d or the \u201cCompany\u201d) (TSX:ALC), a leading provider of marine transportation services, today announced that it has completed a refinancing of its senior secured credit facilities that were due to mature during 2021, securing highly favourable terms. Proceeds of the new issue will be used to repay the maturing senior secured notes and revolving bank credit agreement, to finance the Company\u2019s capital expenditure plans, and for general corporate purposes.\n<\/p>\n<p>\nThe new credit facilities include $316 million (all amounts in Canadian dollar equivalent) raised in a private placement of senior secured notes payable (the \u201cNew Notes\u201d). The New Notes, which have been issued in both US dollar and Canadian dollar tranches, have terms between seven and 15 years and bear interest rates ranging from 3.37% to 4.01% per annum. With an overall effective rate at closing of 3.80%, the New Notes represent a 149 basis point reduction in effective interest rate compared to the existing senior secured notes that they replace. The New Notes have been issued to a group of Canadian and US insurance companies. RBC Capital Markets, LLC led the issuance of the New Notes on behalf of the Company.\n<\/p>\n<p>\nProceeds of the New Notes will be used to retire $171 million of existing senior secured notes and $71 million of drawings under the current revolving bank credit agreement. In addition, the Company incurred approximately $9 million of costs to complete the transaction, including fees, commissions and break costs on the existing facilities. The Company will retain cash following closing of approximately $65 million for future capital expenditures and general corporate purposes.\n<\/p>\n<p>\nConcurrent with the issuance of the New Notes, the Company has entered into a new $171 million revolving bank credit agreement (the \u201cBank Revolver\u201d) with a syndicate of four banks. Placement of the Bank Revolver was led by Canadian Imperial Bank of Commerce, assisted by Bank of Nova Scotia.\n<\/p>\n<p>\nBorden Ladner Gervais acted as Canadian counsel to the Company and Skadden, Arps, Slate, Meagher &amp; Flom advised the Company on US matters.\n<\/p>\n<p>\n\u201cCapital markets have been very attractive recently, presenting an opportunity to reduce our cost of capital and extend the maturity date for our long-term debt, while eliminating refinancing risk that might have arisen had we waited until next year to refinance,\u201d said Peter Winkley, Algoma\u2019s Chief Financial Officer. \u201cWe have taken this opportunity to secure significant liquidity under good terms and very attractive pricing, positioning the Company well to achieve its objectives and deliver shareholder value,\u201d Mr. Winkley continued.\n<\/p>\n<p>\nBoth the New Notes and the Bank Revolver are secured by the material marine assets of Algoma and by guarantees pledged by the material subsidiaries of the Company.\n<\/p>\n<p>\nThe New Notes were offered and sold on a private placement basis to accredited investors in the United States and in certain provinces of Canada. The New Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the New Notes in Canada will be made on a basis that is exempt from the prospectus requirements of such securities laws. The New Notes have not been and will not be registered under the United States <i>Securities Act of 1933 <\/i>(the \u201cSecurities Act\u201d) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws.\n<\/p>\n<p><b>About Algoma Central Corporation <\/b><\/p>\n<p>\nAlgoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes \u2013 St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.\n<\/p>\n<p><b>Forward-looking Statements<\/b><\/p>\n<p>\nCertain information contained in this press release may constitute forward-looking information under applicable securities laws, including statements related to Algoma\u2019s intentions with respect to the use of the net proceeds of the refinancing. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on several assumptions, both general and specific. Much of this information can be identified by looking for words such as \u201cbelieve\u201d, \u201cexpects\u201d, \u201cexpected\u201d, \u201cwill\u201d, \u201cintends\u201d, \u201cprojects\u201d, \u201canticipates\u201d, \u201cestimates\u201d, \u201ccontinues\u201d or similar words. Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated: accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. Algoma assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by law.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201210005985r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201210005985\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201210005985\/en\/<\/a><\/span><\/p>\n<p>\nGregg A. Ruhl<br \/>\n<br \/>President &amp; CEO<br \/>\n<br \/>905-687-7890\n<\/p>\n<p>\nPeter D. Winkley<br \/>\n<br \/>Chief Financial Officer<br \/>\n<br \/>905-687-7897\u00a0<\/p>\n<p><b>Or visit<br \/>\n<br \/><\/b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.algonet.com%2F&amp;esheet=52346639&amp;newsitemid=20201210005985&amp;lan=en-US&amp;anchor=www.algonet.com&amp;index=1&amp;md5=bd76027149cf6b60ef72bea0efa80ecd\">www.algonet.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> North America Canada<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Maritime Transport Logistics\/Supply Chain Management Finance Banking<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Algoma Central Corporation Announces Refinancing of Long-Term Debt ST. CATHARINES, Ontario&#8211;(BUSINESS WIRE)&#8211; Algoma Central Corporation (\u201cAlgoma\u201d or the \u201cCompany\u201d) (TSX:ALC), a leading provider of marine transportation services, today announced that it has completed a refinancing of its senior secured credit facilities that were due to mature during 2021, securing highly favourable terms. Proceeds of the new issue will be used to repay the maturing senior secured notes and revolving bank credit agreement, to finance the Company\u2019s capital expenditure plans, and for general corporate purposes. The new credit facilities include $316 million (all amounts in Canadian dollar equivalent) raised in a private placement of senior secured notes payable (the \u201cNew Notes\u201d). The New Notes, which have been issued in both US &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/algoma-central-corporation-announces-refinancing-of-long-term-debt\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Algoma Central Corporation Announces Refinancing of Long-Term Debt&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-397892","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Algoma Central Corporation Announces Refinancing of Long-Term Debt - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/algoma-central-corporation-announces-refinancing-of-long-term-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Algoma Central Corporation Announces Refinancing of Long-Term Debt - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Algoma Central Corporation Announces Refinancing of Long-Term Debt ST. CATHARINES, Ontario&#8211;(BUSINESS WIRE)&#8211; Algoma Central Corporation (\u201cAlgoma\u201d or the \u201cCompany\u201d) (TSX:ALC), a leading provider of marine transportation services, today announced that it has completed a refinancing of its senior secured credit facilities that were due to mature during 2021, securing highly favourable terms. Proceeds of the new issue will be used to repay the maturing senior secured notes and revolving bank credit agreement, to finance the Company\u2019s capital expenditure plans, and for general corporate purposes. The new credit facilities include $316 million (all amounts in Canadian dollar equivalent) raised in a private placement of senior secured notes payable (the \u201cNew Notes\u201d). 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