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Twentieth-Century Business Archives

Eveleth Expansion Company Deal - Lehman Brothers Collection

Eveleth Expansion Company

Company Dealfirst mortgage bonds and collateral trust notes due 1995
Transaction TypeFirst Mortgage Bonds/ Collateral Trust Notes
Deal DescriptionThe Eveleth Expansion Company was a Minnesota partnership composed of the following corporations: Virginia Horn Taconite Company, a wholly owned subsidiary of Armco Steel Corporation; Ontario Eveleth Company, a wholly owned subsidiary of the Steel Company of Canada, Limited; Dofasco Eveleth Corporation, a wholly owned subsidiary of Dominion Foundries and Steel, Limited; and ONCO Eveleth Company, a wholly owned subsidiary of Oglebay Norton Company. The proceeds from this transaction were used by the Eveleth Expansion Financing Corporation to purchase, pursuant to a bond purchase agreement, series A bonds of Eveleth Expansion Company. The proceeds from the sale of the series A bonds were applied by Eveleth Expansion Company, together with funds provided by the partners, to pay construction costs (including the repayment of advances from third parties applied to that purpose).
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