OneSteel says it has refinanced a $295 million syndicated loan which was due to mature in August 2013.

The mining and materials group on Tuesday said the refinancing, which includes domestic and overseas lenders, had closed substantially oversubscribed, but it had scaled it back to $330 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 approximately five per cent,” the company said in a statement.

The company also was progressing well with its refinancing of $250 million worth of bi-lateral facilities due to mature in October 2013, the statement said.

“Following the refinancing of these bi-lateral facilities, the next significant debt maturity does not arise until the second half of 2014,” the company said.