March 23, 2017 7:02 PM ET

Metals and Mining

Company Overview of Niagara LaSalle Corporation

Company Overview

Niagara LaSalle Corporation manufactures and supplies cold finished steel bars. It offers annealed cold drawn bars, annealed hot rolled bars, lead-bearing steel, high temperature stress relieved steel, surface removed steel bar materials, carbon steel, alloy steel bars, and specialty products. The company’s products are offered in rounds, hexagons, flats, squares, and special shapes. Its services include descaling, cold drawing, turning and polishing, chamfering and deburring, non-destructive testing, special straightening, and saw cutting. The company serves automotive, construction equipment, agricultural equipment, rail, mining, power and hand tool, power generation equipment (green power...

1412 150th Street

Hammond, IN 46327

United States

Founded in 1929

Phone:

219-853-6000

Fax:

219-853-6081

Key Executives for Niagara LaSalle Corporation

Niagara LaSalle Corporation does not have any Key Executives recorded.

Niagara LaSalle Corporation Key Developments

Final DIP Financing Approved for Optima Specialty Steel, Inc.

The US Bankruptcy Court gave an order to Optima Specialty Steel, Inc. to obtain DIP financing on a final basis on February 28, 2017. As per the order, the debtor has been authorized to obtain term loan credit facility of $211.7 million from DIP lenders from time to time party to the DIP Credit Agreement with Cortland Capital Market Services LLC acting as the administrative agent. The total DIP facility consists of a multiple-draw term loan of up to $50 million in respect of new money funding provided by DDJ Capital Management, LLC and a single draw term loan (Replacement DIP Loans) in the amount of $161.7 million provided by certain other holders of the Prepetition Secured Notes. The DIP loan would carry an interest rate of LIBOR plus 10% p.a., with a LIBOR floor of 1% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a closing fee equal to 2% of the total commitments for New Money DIP Loans under DIP Facility. The DIP facility would mature either on October 31, 2017 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. 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 $0.53 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of the DIP Loans will be used, in accordance with the terms of the Budget and the DIP Orders to fund the working capital needs and chapter 11 administrative costs of the Borrowers during the pendency of the Chapter 11 Cases, provide for repayment of all of the Prepetition Secured Notes Obligations, provide adequate protection to the Debtors’ Prepetition Secured Notes Parties as provided in the DIP Orders and the DIP Credit Agreement, pay fees, costs\ and expenses of the DIP Facility on the terms and conditions described in the DIP Term Sheet, and pay other amounts as specified in the Budget. The Court had granted the debtor an interim approval to access $40 million as DIP financing on January 23, 2017.

Interim DIP Financing Approved for Optima Specialty Steel, Inc.

The US Bankruptcy Court gave an order to Optima Specialty Steel, Inc. to obtain DIP financing on an interim basis on January 23, 2017. As per the order, the debtor has been authorized to obtain a new money term loan facility of $40 million out of total credit facility of $211.7 million from DIP lenders from time to time party to the DIP Credit Agreement with Cortland Capital Market Services LLC acting as the administrative agent. The total DIP facility consists of a multiple-draw term loan of up to $50 million in respect of new money funding provided by DDJ Capital Management, LLC and a single draw term loan (Replacement DIP Loans) in the amount of $161.7 million provided by certain other holders of the Prepetition Secured Notes. The DIP loan would carry an interest rate of LIBOR plus 10% p.a., with a LIBOR floor of 1% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a closing fee equal to 2% of the total commitments for New Money DIP Loans under DIP Facility. The DIP facility would mature either on October 31, 2017 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. 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 $0.53 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of the DIP Loans will be used, in accordance with the terms of the Budget and the DIP Orders to fund the working capital needs and chapter 11 administrative costs of the Borrowers during the pendency of the Chapter 11 Cases, provide for repayment of all of the Prepetition Secured Notes Obligations, provide adequate protection to the Debtors’ Prepetition Secured Notes Parties as provided in the DIP Orders and the DIP Credit Agreement, pay fees, costs\ and expenses of the DIP Facility on the terms and conditions described in the DIP Term Sheet, and pay other amounts as specified in the Budget. The final hearing is scheduled for February 28, 2017. Patrick Dean of Alvarez & Marsal Securities acted as legal advisor for DDJ Capital Management, LLC, Meng Ruof Akin Gump Strauss Hauer & Feld LLP acted as legal counsel for the Secured Noteholder Group or Minority DIP Lenders.

Niagara LaSalle Corp. Plans to Close its South Buffalo Steel Bar Plant

Niagara LaSalle Corp. has filed a notice with the state Labor Department to close its South Buffalo Steel bar plant. Before the end of August 2015, 49 jobs will be eliminated by the closure of the facility at 110 Hopkins Street.

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