Domestic and overseas lenders participated and the refinancing was oversubscribed.
The company scaled back the oversubscription to $US330 million ($A334.2 million).
The new facility has a four-year term and is not expected to change the average interest rate for the company’s total debt facilities, which is currently at around 5%.
OneSteel said it was well progressed on the refinancing of bilateral facilities totalling $A250 million due to mature in October next year.
Once completed, the next major debt maturity would not occur until the second half of 2014.
OneSteel will change its name to Arrium on July 2 to better reflect its new focus as a mining and mining consumables business.
Meanwhile, fellow steelmaker BlueScope Steel said it was on track to reduce its debt and it had no plans for a capital raising.
OneSteel shares rose 1.5c to 91.5c, while BlueScope gained 1c to 27c.
This article first appeared in ILN's sister publication MiningNews.net.
