Metals USA to pay interest in kind on floaters due 2012

By Jennifer Chiou

New York, Sept. 26 - Metals USA Inc. elected to pay all interest in kind that is due on Jan. 1 on its $300 million of senior floating-rate toggle notes due 2012, according to an 8-K filed with the Securities and Exchange Commission.

The interest period runs from Oct. 1 to Dec. 31.

Thereafter, the company must elect whether to pay subsequent interest payments entirely in cash, entirely through PIK interest or both. If the company does not make a selection, the interest will be paid in the same manner as the previous interest period.

Metals USA is a Houston-based metals processor and distributor.

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