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Latest Essar Group Stories

2014-10-20 12:24:31

SAULT STE. MARIE, ON, Oct. 20, 2014 /PRNewswire/ - Essar Steel Algoma Inc. ("Algoma" or the "Company") is commencing an offering of US$350 million aggregate principal amount of senior secured notes due 2019 (the "Senior Notes") and US$275 million aggregate principal amount of junior secured notes due 2021 (together with the Senior Notes, the "Notes"). The Notes will be guaranteed by each of the existing and future subsidiaries of Algoma on a secured basis and by each of the Company's...

2014-10-18 00:20:34

SAULT STE. MARIE, Ontario, Oct. 17, 2014 /PRNewswire/ -- Essar Steel Algoma Inc. ("Essar Steel Algoma") announced today that it has commenced a cash tender offer (the "Tender Offer") to purchase any and all of its outstanding $400.0 million aggregate principal amount of 9.375% Senior Secured Notes due 2015 (the "Notes"). As part of the Tender Offer, Essar Steel Algoma is soliciting consents (the "Consent Solicitation") from the holders of the Notes for certain proposed amendments...

2014-10-13 20:21:20

SAULT STE. MARIE, ON, Oct. 13, 2014 /PRNewswire/ - Essar Steel Algoma Inc. reported today CDN $85.2 million in EBITDA for the three month period ended September 30, 2014. This improvement in earnings is attributable, in part to a 28% increase in shipments with 680,092 tons shipped during the quarter as compared to 530,038 tons in the previous quarter, coupled with higher selling prices. EBITDA is a non-GAAP measure of profitability, used by management as an indicator of the...

2014-10-10 20:20:34

SAULT STE. MARIE, ON, Oct. 10, 2014 /PRNewswire/ - Essar Steel Algoma Inc. ("Algoma") announced today that it intends to launch a comprehensive refinancing of its current capital structure next week, beginning with investor meetings, including a bank meeting with investors on October 15, 2014. As part of the refinancing, Algoma's ultimate parent, Essar Global Fund Limited and its affiliates are providing more than US$400 million of support to Algoma through the infusion of new...

2014-09-26 16:21:54

SAULT STE. MARIE, ON, Sept. 26, 2014 /PRNewswire/ - Essar Steel Algoma Inc. (Algoma) is announcing guidance for the second quarter FY2015 ending September 30, 2014. The announcement comes on the heals of the Ontario Superior Court of Justice's September 15, 2014 approval of Algoma's Plan of Arrangement, which paves the way for a comprehensive recapitalization and refinancing of the Company's capital structure. Building on Q1 FY2015 results of 530,000 tons shipped and CDN 12.4M...

2014-09-16 12:23:16

Paves Way for Substantial Equity Infusion and Refinancing of Entire Capital Structure SAULT STE. MARIE, ON, Sept. 16, 2014 /CNW/ - The Ontario Superior Court of Justice has approved Essar Steel Algoma Inc.'s Plan of Arrangement (the "Plan"), granting a final order deeming the Plan to be fair and reasonable pursuant to the Canada Business Corporations Act. The Final Order follows a unanimous display of support for the Plan by the approximate 92% of 9.875% senior unsecured...

2014-08-08 08:29:18

NEW YORK, August 8, 2014 /PRNewswire/ -- Essar Global Fund Limited ("Essar Fund") today announced that it has completed the sale of Aegis USA Inc. ("AUI"), a major outsourcing company in the United States, the Philippines and Costa Rica to Teleperformance through AGC Holdings Limited ("Aegis"), a wholly owned portfolio company of Essar Fund. Aegis will retain and continue to grow the remainder of the BPO business globally across India, Sri Lanka, Malaysia, Australia,...

2014-07-30 08:25:55

DUBLIN, July 30, 2014 /PRNewswire/ -- Research and Markets has announced the addition of the "Captive Power Generation Market in India 2014-2018" report to their offering. http://photos.prnewswire.com/prnh/20130307/600769 Captive Power refers to generation from a unit set up by industry majorly for its own consumption. According to the exact definition as per Electricity Act 2003, it is a power plant set up by any person to generate electricity primarily for his own use and includes a power...

2014-07-24 12:23:48

SAULT STE. MARIE, ON, July 24, 2014 /PRNewswire/ - Essar Steel Algoma Inc. ("Algoma") announced today that it has finalized the terms of its support agreement and corresponding equity commitment with the investment fund that is the ultimate owner of Algoma, Essar Global Fund Limited ("EGFL"), and holders (the "Ad Hoc Noteholder Committee") of more than 70% in principal amount of its 9.875% senior unsecured notes (the "Notes"). This agreement provides Algoma with a near-term capital...

2014-07-17 16:22:12

-Cheniere and EDF sign SPA for LNG sales from Corpus Christi Train 3 HOUSTON, July 17, 2014 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) announced today that its subsidiary, Corpus Christi Liquefaction, LLC ("Corpus Christi Liquefaction"), has entered into a liquefied natural gas ("LNG") sale and purchase agreement ("SPA") with Électricité de France, S.A. ("EDF") under which EDF has agreed to purchase approximately 0.38 million tonnes per annum ("mtpa") of...


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