Kentucky Electric Steel makes announcement

Business Wire, Nov 21, 1995

ASHLAND, Ky.--(BUSINESS WIRE)--Nov. 21, 1995--Kentucky Electric Steel, Inc. announced today that the company has issued $20 million in 7.66% unsecured senior notes through a private placement to a group of institutional investors.

The notes are due in annual installments beginning Nov. 1, 2000 through 2005. The proceeds of the notes will be used to retire short and long term debt and for other general corporate purposes.

The company also announced that its line of credit agreements with National City Bank was amended to increase the principal amount of the agreements from $19.5 million to $24.5 million with a variable interest rate of LIBOR plus 1.35%. The credit agreements expire Jan. 31, 1997.

Kentucky Electric Steel, Inc. is a publicly held company which operates a specialty steel mini-mill manufacturing special quality steel bar flats for the leaf-spring suspension, cold drawn bar conversion, truck trailer support beam and steel service center markets. Kentucky Electric Steel's common stock (symbol: KESI) is traded on the NASDAQ Stock Exchange.

CONTACT: Kentucky Electric Steel, Ashland

Charles C. Hanebuth or William J. Jessie, 606/929-1200