WHEELING, W.Va., Feb. 4 /PRNewswire-FirstCall/ -- Esmark Incorporated
(Nasdaq: ESMK) (the "Company") today announced that it has accepted a
commitment for a fully underwritten $500 million revolving credit facility
from its lead lender, GE Corporate Lending. This new facility will replace
the existing $150 million revolver at Esmark Steel Service Group, Inc. and
the $225 million revolver at Wheeling-Pittsburgh Corporation. The Company
expects to close on this new facility in the first quarter pending
satisfaction of the conditions to the commitment, which include definitive
documentation and requisite arrangements with the Company's other material
indebtedness.
"We are proud to announce this commitment to underwrite a new credit
facility, particularly given the exceptional tightness of the current
global credit markets. We believe it underscores the confidence that our
key financial partners have in our strategic and tactical plans," stated
Craig Bouchard, Vice Chairman and President of the Company. "Upon
completion, we are confident that this new facility will provide the
Company with the liquidity necessary to execute our plan to build a large
and profitable steel services company."
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
relating to the proposed refinancing of certain indebtedness. These
forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties that could cause
actual results to differ materially. These risks and uncertainties include,
among others, factors relating to (i) uncertainties concerning the ability
of the parties to enter into definitive agreements on mutually acceptable
terms, (ii) the risk that the conditions to closing under such credit
facility may not be satisfied, and (iii) certain other risks detailed in
the other reports and filings with the SEC by the Company, which identify
important risk factors that could cause actual results to differ from those
contained in the forward-looking statements. In addition, any
forward-looking statements represent the Company's views only as of today
and should not be relied upon as representing views as of any subsequent
date. While the Company may elect to update forward-looking statements from
time to time, it specifically disclaims any obligation to do so.
About Esmark Incorporated
Esmark Incorporated is a vertically integrated steel producer and
distributor, combining steel production capabilities through both blast
furnace and electric arc furnace technologies with the just-in-time
delivery of value-added steel products to a broad customer base
concentrated in the Ohio Valley and Midwest regions. Currently
headquartered in Wheeling, WV, the Company is a producer of carbon
flat-rolled products for the construction, container, appliance,
converter/processor, steel service center, automotive and other markets.
The company's products include various sheet products such as hot rolled,
cold rolled, hot dipped galvanized, electro-galvanized, black plate and
electrolytic tinplate. More information about Esmark can be found at
http://www.esmark.com.
SOURCE Esmark Incorporated
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Related links:
http://www.esmark.com
http://www.prnewswire.com/comp/967451.html/
CONTACT:
Media, Dennis Halpin of Esmark,
+1-304-234-2421 (office), +1-304-654-6474 (mobile),
dhalpin@esmark.com; or Bill Keegan of Edelman, +1-312-927-8424
(mobile), bill.keegan@edelman.com, for Esmark; Investor
Relations, Dennis Halpin of Esmark, +1-304-234-2421 (office),
+1-304-650-6474 (mobile), dhalpin@esmark.com
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