Lakeside Establishes New $22 Million Credit Facility
09 10월 2011 - 6:15PM
PR Newswire (Canada)
WELLAND, ON, Oct. 11, 2011 /CNW/ - Lakeside Steel Inc. ("Lakeside"
or the "Company") today announced that it has established a five
year term loan of up to $22,000,000 with LSA Thomasville, LP, a
Delaware limited partnership. The Company expects to draw funds
under the facility within the next five months. The facility has an
interest rate of 4.95%. The facility will be used to finance a
portion of the cost of construction of Lakeside's new ten-inch pipe
mill, heat-treating and end-finishing facilities in Thomasville,
Alabama and to fund working capital requirements. Since the
beginning of calendar 2011, combined with the new $22,000,000
facility, Lakeside has secured new additional aggregate credit
facilities of up to $42,000,000. Ron Bedard, President and Chief
Operating Officer commented, "Establishing an additional
$22,000,000 in new credit in the middle of such a turbulent
economic landscape speaks volumes about Lakeside's expansion
strategy and the confidence that our lenders have in our ability to
execute on our build-out. Commissioning of our new ten-inch Alabama
mill has begun and is proceeding on schedule. We continue to have
an excellent relationship with our lenders and we appreciate their
support as we drive forward with our transformational U.S.
expansion projects." About Lakeside Steel Inc. Lakeside is a 2011
TSX Venture Exchange 50 company and the parent company of Lakeside
Steel Corporation, Lakeside Steel Alabama Inc. and Lakeside Steel
Texas Inc. Lakeside has operating facilities located in Welland,
Ontario, and Corpus Christi, Texas, and three facilities currently
being constructed in Thomasville, Alabama. Lakeside is a
diversified steel pipe and tubing manufacturer with a focus on
manufacturing and upgrading Oil Country Tubular Goods. Lakeside's
list of customers includes large oil and gas end users as well as
distributors across North America. Lakeside Steel Alabama will be a
diversified steel pipe manufacturer with end-finishing and heat
treat capabilities strategically situated in the southern United
States on successful completion of construction of the new
facilities in Thomasville, Alabama. Construction of the Alabama
facilities is currently underway. This press release may contain
forward-looking statements with respect to the Company, its
operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking
words such as "may", "will", "expect", "estimate", "anticipate",
intends", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of the
Company discussed herein could differ materially from those
expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause
actual results to differ materially from expectations include,
among other things, general economic and market factors,
competition, changes in government regulations and the factors
described under "Risk Factors" in the Management's Discussion, and
Analysis, Annual Information Form and Filing Statement of the
Company which are available at www.sedar.com. The cautionary
statements qualify all forward-looking statements attributable to
the Company and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Company has no obligation to update such
statements. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Lakeside was recognized as a TSX Venture
50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX
Inc. and is used under license. Lakeside Steel Inc. CONTACT: Ron
Bedard Ken Hunter President and Chief Operating Officer Chief
FinancialOfficerLakeside Steel Inc. Lakeside Steel IncFAX:
(905)735-9069 FAX: (905)735-9069e-mail:
ron.bedard@lakesidesteelcorp.ca
e-mail:ken.hunter@lakesidesteelcorp.ca
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