Gerdau Ameristeel Enters Into US$650M Credit Facility

On December 21, 2009, Gerdau Ameristeel Corporation and various of its US and Canadian subsidiaries, as borrowers (collectively, Gerdau), entered into a credit agreement with regards to a US$650,000,000 senior secured asset-based revolving credit facility made available by Bank of America, N.A., as administrative agent and collateral agent, with a syndicate of lenders. This credit facility refinances an existing facility and will also be available to Gerdau to finance working capital purposes and for other general corporate purposes.

Gerdau, based in Tampa, Florida, is the second-largest mini-mill steel producer in North America and produces steel used in various sectors including civil construction, industrial, and agribusiness, and is also the main supplier of specialty steel for the international automotive network.

Bank of America, N.A., was represented in Canada by Ogilvy Renault LLP, with a team that comprised Kevin Morley, Arnold Cohen, Nicole Sigouin and Aditya Rebbapragada, and in the US by Parker, Hudson, Rainer & Dobbs LLP, with a team consisting of Bobbi Acord Noland, Jonathan Bush, Travis Carter and Seth Finck.

Gerdau was represented in the US and Canada by Torys LLP, with a team consisting of Jonathan Wiener, Amanda Balasubramanian, Mark Tice and Ashley Nicol.