Ryerson repurchases $5 million of floaters in second quarter

By Angela McDaniels

Tacoma, Wash., July 3 - Ryerson Inc. has repurchased $5 million of its floating-rate notes due 2014 since March 31, according to an S-4 filing with the Securities and Exchange Commission.

As of May 31, $141.5 million of the notes remained outstanding.

A total of $150 million of the notes were issued in October 2007, and the proceeds helped fund the acquisition of the company by Platinum Equity LLC.

Up to 35% of the notes are callable under an equity clawback provision at par until Nov. 1, 2010. The notes are also callable with a make-whole price of Treasuries plus 50 basis points until Nov. 1, 2009.

Ryerson is a Chicago-based metal processor.

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