Algoma Steel Group Inc 6-K, filed Nov 29, 2021

Algoma Steel Group Inc. (ASTL)

6-K 2021-11-29 For: 2021-11-29

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Added on April 07, 2026

About this 6-K

Algoma Steel Group Inc filed this 6-K on November 29, 2021.

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Exhibit

99.1		Press Release, dated November 29, 2021.

99.2		Credit Agreement, dated as of November 26, 2021, among Algoma Steel Inc., as borrower, the subsidiary guarantors party thereto from time to time, the lenders party thereto from time to time and Canada Infrastructure Bank, as administrative agent.

99.3		Strategic Innovation Fund Agreement dated September 20, 2021 among Her Majesty the Queen in Right of Canada, as represented by the Minister of Industry and Algoma Steel Inc., as recipient, and Algoma Steel Group Inc., as guarantor.


	Algoma Steel Group Inc.

Date: November 29, 2021	By:	/s/ John Naccarato
		Name: John Naccarato
		Title: Vice President Strategy and General Counsel


ARTICLE 1
DEFINITIONS AND ACCOUNTING TERMS.

Section 1.1	Defined Terms	1
Section 1.2	Other Definitional Provisions	60
Section 1.3	Currency Translation	61
Section 1.4	Pro Forma Calculations	61
Section 1.5	Limited Condition Transactions	63
Section 1.6	Accounting Terms; IFRS; Other Interpretative Provisions, etc.	63
Section 1.7	[reserved]	65
Section 1.8	Timing of Payment and Performance	65
Section 1.9	Times of Day	65
Section 1.10	Currency Equivalents Generally	65
Section 1.11	Divisions	66

ARTICLE 2
AMOUNT AND TERMS OF CREDIT

Section 2.1	Credit Facility	66
Section 2.2	Minimum Amount of Each Borrowing	66
Section 2.3	Notice of Borrowing	66
Section 2.4	Disbursement of Funds	67
Section 2.5	Interest	67
Section 2.6	Final Completion Date	68
Section 2.7	Increased Costs, Illegality, etc.	68
Section 2.8	Change of Lending Office	69
Section 2.9	Future Financing	69

ARTICLE 3
FEES

Section 3.1	Fees	69

ARTICLE 4
PREPAYMENTS; PAYMENTS; TAXES

Section 4.1	Voluntary Prepayments	69
Section 4.2	Principal Repayments and other Mandatory Repayments	70
Section 4.3	Method and Place of Payment	73
Section 4.4	Taxes	74

ARTICLE 5
CONDITIONS PRECEDENT TO THE CLOSING DATE

Section 5.1	Credit Documents	76
Section 5.2	Opinions of Counsel	76
Section 5.3	Company Documents	76
Section 5.4	Existing Credit Documents	76
Section 5.5	Consultant Reports and Engagement Letters	77
Section 5.6	Indigenous Group Report	77
Section 5.7	SIF Project Cost Facility Closing	77
Section 5.8	Senior Creditor Consent and Intercreditor and Subordination Agreement	77
Section 5.9	Adverse Change	77


Section 5.10	Capital Structure	77
Section 5.11	Construction Budget and Schedule and Project Execution Plan	77
Section 5.12	Funding Shortfall	78
Section 5.13	Representations and Warranties	78
Section 5.14	Financial Statements	78
Section 5.15	Solvency Certificate	78
Section 5.16	Material Project Documents	78
Section 5.17	Material Permits	78
Section 5.18	Transmission and Power	78
Section 5.19	Borrowing Base Certificate	79
Section 5.20	Fees, etc.	79
Section 5.21	Know Your Customer, Anti-money laundering, etc.	79
Section 5.22	Due Diligence	79
Section 5.23	Pension Benefit Matters	79
Section 5.24	Officer’s Certificate	79

ARTICLE 6
CONDITIONS PRECEDENT TO EACH BORROWING

Section 6.1	Notice of Borrowing	80
Section 6.2	Equity and SIF Funding	80
Section 6.3	Material Project Documents	80
Section 6.4	Cost To Complete and Working Capital	80
Section 6.5	No Default	81
Section 6.6	Funding Shortfall	81
Section 6.7	Final Completion and Longstop Date	81
Section 6.8	Representations and Warranties	81
Section 6.9	Covenants	81
Section 6.10	Statutory Declaration	81
Section 6.11	Technical Advisor	81

ARTICLE 7
REPRESENTATIONS AND WARRANTIES

Section 7.1	Company Status	81
Section 7.2	Power and Authority	82
Section 7.3	No Violation	82
Section 7.4	Approvals	82
Section 7.5	Financial Statements; Financial Condition;	82
Section 7.6	Litigation	83
Section 7.7	True and Complete Disclosure	83
Section 7.8	Use of Proceeds; Funding Shortfall	83
Section 7.9	Taxes	83
Section 7.10	Employee Benefit Plans	84
Section 7.11	Utilities, Roads/Collector Lines, Power	84
Section 7.12	Properties	84
Section 7.13	Equity Interests and Subsidiaries	85
Section 7.14	Compliance with Statutes, etc.	85
Section 7.15	Investment Company Act	85
Section 7.16	Insurance	85
Section 7.17	Environmental Matters	86
Section 7.18	Labor Matters	87
Section 7.19	Intellectual Property	87
Section 7.20	Anti-Terrorism Law, etc.	87


Section 7.21	Agreements	88
Section 7.22	Solvency	88
Section 7.23	Senior Credit Documents and Junior Financing	88
Section 7.24	Project	88
Section 7.25	Indigenous Group Matters	89

ARTICLE 8
AFFIRMATIVE COVENANTS

Section 8.1	Information Covenants	89
Section 8.2	Books, Records and Inspections; Quarterly Conference Calls	94
Section 8.3	Insurance	94
Section 8.4	Existence; Franchises	95
Section 8.5	Compliance with Statutes, etc.	95
Section 8.6	Compliance with Environmental Laws; Environmental Reports	96
Section 8.7	Employee Benefits	96
Section 8.8	End of Fiscal Years	96
Section 8.9	Performance of Obligations	97
Section 8.10	Payment of Taxes	97
Section 8.11	Use of Proceeds	97
Section 8.12	Additional Guarantors	97
Section 8.13	Indigenous Matters	97
Section 8.14	[reserved]	98
Section 8.15	Ratings	98
Section 8.16	Affirmative Covenants with Respect to Leases	98
Section 8.17	Construction and Operation of the Project	98
Section 8.18	Construction Budget and Schedule	99
Section 8.19	Sanctions	99
Section 8.20	Anti-Corruption Laws; Anti-Money Laundering Laws	100
Section 8.21	Designation of Restricted and Unrestricted Subsidiaries	100
Section 8.22	Business; etc.	100
Section 8.23	GHG Covenants	101

ARTICLE 9
NEGATIVE COVENANTS

Section 9.1	Liens	101
Section 9.2	Merger and Consolidation	101
Section 9.3	Restricted Payments	103
Section 9.4	Indebtedness	109
Section 9.5	Restrictions on Distributions from Restricted Subsidiaries	113
Section 9.6	Transactions with Affiliates	116
Section 9.7	Modifications of Junior Financing Agreements	119
Section 9.8	Limitation on Sales of Assets and Subsidiary Stock	119
Section 9.9	Abandonment	121
Section 9.10	Restricted Activities	121
Section 9.11	Limitation on Activities	122

ARTICLE 10
EVENTS OF DEFAULT, ETC.

Section 10.1	Events of Default	122
Section 10.2	Application of Proceeds	125



ARTICLE 11
THE ADMINISTRATIVE AGENT

Section 11.1	Appointment	125
Section 11.2	Nature of Duties	126
Section 11.3	Lack of Reliance on the Administrative Agent	127
Section 11.4	Certain Rights of the Administrative Agent	127
Section 11.5	Reliance	127
Section 11.6	Indemnification	128
Section 11.7	The Administrative Agent in its Individual Capacity	128
Section 11.8	[reserved]	128
Section 11.9	Resignation by the Administrative Agent	128
Section 11.10	[reserved]	129
Section 11.11	Delivery of Information	129
Section 11.12	Certain ERISA Matters	129
Section 11.13	Withholding	130

ARTICLE 12
MISCELLANEOUS

Section 12.1	Payment of Expenses, etc.	130
Section 12.2	Right of Setoff	132
Section 12.3	Notices	132
Section 12.4	Benefit of Agreement; Assignments; Participations	133
Section 12.5	No Waiver; Remedies Cumulative	137
Section 12.6	Payments Pro Rata	137
Section 12.7	Calculations; Computations	137
Section 12.8	GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL	138
Section 12.9	Counterparts	138
Section 12.10	[Reserved]	139
Section 12.11	Headings Descriptive	139
Section 12.12	Amendment or Waiver; etc.	139
Section 12.13	Survival	141
Section 12.14	Domicile of Loans	141
Section 12.15	Register	141
Section 12.16	Confidentiality	142
Section 12.17	No Fiduciary Duty	142
Section 12.18	Patriot Act	143
Section 12.19	Waiver of Sovereign Immunity	143
Section 12.20	Interest Rate Limitation	143
Section 12.21	Lender Action	144
Section 12.22	[reserved]	144
Section 12.23	[reserved]	144
Section 12.24	Severability	144
Section 12.25	Reinstatement	144
Section 12.26	Integration	144
Section 12.27	ATIA	145

ARTICLE 13
GUARANTEE

Section 13.1	The Guarantee	145
Section 13.2	Obligations Unconditional	145


Section 13.3	Reinstatement	147
Section 13.4	Subrogation; Subordination	147
Section 13.5	Remedies	147
Section 13.6	[reserved]	147
Section 13.7	Continuing Guarantee	147
Section 13.8	General Limitation on Guarantee Obligations	147
Section 13.9	Release of Guarantors	148
Section 13.10	Right of Contribution	148
Section 13.11	[reserved]	148
Section 13.12	Payments	148


ALGOMA STEEL INC., as Borrower

By:		[REDACTED]

ALGOMA STEEL GROUP INC., as a Guarantor

By:		[REDACTED]

ALGOMA STEEL USA INC., as a Subsidiary Guarantor

By:		[REDACTED]

CANADA INFRASTRUCTURE BANK as Administrative Agent

By:		[REDACTED]

CANADA INFRASTRUCTURE BANK as a Lender

By:		[REDACTED]


Technology Readiness Level		Description

TRL 1—Basic principles observed and reported		Lowest level of technology readiness. Scientific research begins to be translated into applied research and development (R&D). Examples might include paper studies of a technology’s basic properties.

TRL 2—Technology concept and/or application formulated		Invention begins. Once basic principles are observed, practical applications can be invented. Applications are speculative, and there may be no proof or detailed analysis to support the assumptions.

TRL 3—Analytical and experimental critical function and/or characteristic proof of concept		Active R&D is initiated. This includes analytical studies and laboratory studies to physically validate the analytical predictions of separate elements of the technology.

TRL 4—Product and/or process validation in laboratory environment		Basic technological products and/or processes are tested to establish that they will work.

TRL 5—Product and/or process validation in relevant environment		Reliability of product and/or process innovation increases significantly. The basic products and/or processes are integrated so they can be tested in a simulated environment.

TRL 6—Product and/or process prototype demonstration in a relevant environment		Prototypes are tested in a relevant environment. Represents a major step up in a technology’s demonstrated readiness. Examples include testing a prototype in a simulated operational environment.

TRL 7—Product and/or process prototype demonstration in an operational environment		Prototype near or at planned operational system and requires demonstration of an actual prototype in an operational environment (e.g. in a vehicle).

TRL 8—Actual product and/or process completed and qualified through test and demonstration		Innovation has been proven to work in its final form and under expected conditions. In almost all cases, this TRL represents the end of true system development.

TRL 9—Actual product and/or process proven successful		Actual application of the product and/or process innovation in its final form or function.