The metals producer raised $700M each in junk bonds and leveraged loans to finance its acquisition of Germany’s Klöeckner & Co.
Worthington Steel has obtained $1.4 billion in leveraged financing to support its purchase of German metals distributor Klöeckner & Co. The funding includes $700 million in junk bonds and an equal amount in leveraged loans.
The deal follows Worthington’s recent push to expand its European footprint. Prior financing efforts in the leveraged market had targeted similar acquisition-driven capital needs, though this marks one of its largest recent raises.
No immediate market reaction was reported following the announcement.