Worthington Steel Inc. secured $1.4 billion in leveraged financing to fund its acquisition of German metals company Klöeckner & Co SE. Ohio-based Worthington priced $700 million each of junk bonds and leveraged loans in deals led by Wells Fargo & Co, exceeding initial fundraising expectations.

The financing structure represents a significant move in the metals industry consolidation. The initial plan called for a $900 million note and a $500 million loan, but the company successfully expanded its fundraising capacity. This positions Worthington to accelerate its European expansion through the Klöeckner acquisition.

The deal underscores growing confidence in the metals sector despite market volatility. By securing substantial financing, Worthington demonstrates its ability to execute strategic acquisitions. Wells Fargo's leadership role in the financing indicates strong institutional backing for this cross-border industrial transaction.