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February 10, 2016 12:57 PM ET

Metals and Mining

Company Overview of PSL North America LLC

Company Overview

PSL North America LLC manufactures and coats steel pipes. The company offers its products for natural gas pipeline companies and others. It distributes its products via trucking, rail, and waterways. The company was founded in 2006 and is based in Bay St. Louis, Mississippi. As of August 29, 2014, PSL North America LLC operates as a subsidiary of Jindal Tubular USA LLC.

13092 Sea Plane Road

Bay St. Louis, MS 39520

United States

Founded in 2006

Phone:

228-533-7779

Fax:

228-533-0213

Key Executives for PSL North America LLC

Chief Operations Officer
Managing Director of PSL Limited
Business Development Director
Compensation as of Fiscal Year 2015.

PSL North America LLC Key Developments

Motion for Asset Sale Approved for PSL North America LLC

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of PSL North America LLC on August 15, 2014. The debtor has been authorized to sell substantially all its assets to Jindal Tubular USA LLC, the stalking horse bidder for a purchase price of $100 million in cash. The debtor did not receive any other competing bids for the purchase of its assets and therefore Jindal Tubular USA LLC emerged as the winning bidder.

Final DIP Financing Approved for PSL North America LLC

The US Bankruptcy Court gave an order to PSL North America LLC to obtain DIP financing on a final basis on July 28, 2014. As per the order, the debtor has been authorized to obtain loan of $11.5 million from ICICI Bank Limited, New York Branch. The DIP loan would carry an interest rate of 3-months LIBOR plus 5.5% p.a., along with an additional 1% p.a. interest in the event of default and 2% for any default in payment of any obligation under the post petition facility. The DIP facility would mature either on September 30, 2014 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. The debtor cannot make any draws from the post petition facility after August 31, 2014. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.15 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Final DIP hearing will be held on July 14, 2014. The Court has granted interim approval for the post-petition financing on June 17, 2014.

Bidding Procedure Approved for PSL North America LLC

The US Bankruptcy Court approved the bidding procedures relating to the sale of substantially all the assets of PSL North America LLC on July 14, 2014. Court has also approved the stalking-horse agreement with Jindal Tubular USA LLC for the sale of substantially all the assets for $100 million, as per the agreement dated June 16, 2014. Break-up fee of $3 million and expense reimbursement of $0.5 million has been approved by the Court. As per the approved bidding procedure order, deadline for submitting bids for the purchase assets is August 11, 2014. If more than one qualified bids are timely received by the debtor, auction will take place on August 13, 2014. In the auction, minimum initial overbid must be of at least $0.50 million in excess of the stalking-horse purchase price plus break-up fee and expense reimbursement. Subsequent bids must be in cash increments of at least $0.25 million greater than the initial overbid. Sale hearing will be held on August 15, 2014.

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