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Toronto advises Wells Fargo on C$375m asset-based revolving credit facility

August 2017 Client: Wells Fargo Bank, N.A.

Our Toronto office has advised Wells Fargo Bank, N.A., as joint lead arranger, on a C$375 million asset-based revolving credit facility in favour of Stelco Inc. The financing was issued concurrently with Stelco's acquisition by Bedrock Industries from U.S. Steel pursuant to a court supervised restructuring process.

The restructuring and financing required complex negotiations and approvals from a varied group of stakeholders, including the federal government of Canada, the Province of Ontario, United States Steel Corporation and three separate unions, to reach agreement on the treatment of environmental, employment, pension, real estate and tax matters.

The financing and stakeholder agreements allow the restructured company to emerge as a stand-alone steel manufacturer with sufficient liquidity to compete in a challenging steel market.

The team included David Amato, Serge Levy, Karen Galpern, Evan Cobb, Matthew Lippa, Denise Gan, Lauren Day, Victoria Riley, and Riccardo Lento; Martin Rochette (pensions); John Naccarato, Oliver Moore and Matthew Perron (real estate); Janet Bobechko (environmental); Barry Segal (tax); Kevin Ackhurst (competition); and Lisa Cabel (employment).