Worthington Steel raises $1.4B in debt to fund Klöckner acquisition

Filed June 2, 2026 · Period ending June 1, 2026 · ~1 min read

Key Changes

• high

  $700M senior secured notes issued at 7.750% due 2033, plus $700M term loan B facility at SOFR+4.00%, both secured by substantially all company assets to finance the Klöckner acquisition closing June 3, 2026.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  Combined $1.4B debt proceeds will fund Klöckner purchase consideration, shareholder loans, minority compensation, repay existing debt at both companies, and cover transaction costs.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  Notes include special mandatory redemption at par plus accrued interest if Klöckner acquisition fails to close by March 12, 2027, protecting noteholders from execution risk.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →