Touchstone Exploration Inc. press release
Stelco announces filing of Tricap agreement
TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
HAMILTON, ON, Sept. 29 /CNW/ - Stelco Inc. (TSX:STE) announced today that its restructuring agreement with Tricap Management Limited ("Tricap") was filed with the Court last evening as part of the Motion Record for a hearing scheduled for October 3, 2005. As announced previously, under the agreement Tricap will provide Stelco with a $350 million secured revolving term loan and a standby commitment to support a rights offering for Secured Convertible Notes to be issued by Stelco that will generate $75 million in proceeds. The rights offering may generate an additional $25 million proceeds if Tricap exercises its option to purchase additional Secured Convertible Notes. The agreement filed with the Court contains the provisions, conditions and schedules surrounding Tricap's funding commitment. The Motion Record also contains an affidavit of Hap Stephen, Stelco's Chief Restructuring Officer, concerning the agreement. Stelco is scheduled to be in Court on October 3, 2005 to seek the Court's authorization to enter into the Tricap agreement.
Stelco Inc. is a large, diversified steel producer. Stelco is involved in major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. This news release may contain forward-looking information with respect to the Corporation's business operations, financial performance and conditions. Actual results may differ from expected results for a variety of reasons including factors discussed in the Corporation's Management's Discussion and Analysis section of the Corporation's 2004 Annual Report. To learn more about Stelco and its businesses, please refer to our Web site at www.stelco.ca.
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