Worthington Steel Raises $1.4 Billion for Klöeckner Deal, Splitting Funding Between Bonds and Loans
Updated
Updated · Bloomberg · May 28
Worthington Steel Raises $1.4 Billion for Klöeckner Deal, Splitting Funding Between Bonds and Loans
2 articles · Updated · Bloomberg · May 28
$1.4 billion was raised by Worthington Steel on Thursday in the leveraged-finance market to help fund its acquisition of Germany's Klöeckner & Co SE.
The Ohio-based company priced $700 million of junk bonds and $700 million of leveraged loans, with Wells Fargo leading both deals.
That structure shifted from the initial plan for $900 million in notes and a $500 million loan, showing demand was rebalanced across the two financing pieces.
Did looser US regulations give American banks a critical edge over European rivals in funding this massive cross-border steel acquisition?
How will a new steel giant, forged with $1.4B in debt, navigate President Trump’s steep tariffs and a volatile global market?