Oregon Steel $300 million seven-year notes talked at 10¼%-10½%, pricing Wednesday

By Paul A. Harris

St. Louis, Mo., July 8 - Official price talk is 10¼%-10½% on Oregon Steel Mills, Inc.'s upcoming offering of $300 million of first mortgage notes due 2009 (B1/BB-), according to a syndicate source. The deal is expected to price Friday.

Goldman Sachs & Co. is the bookrunner.

The Rule 144A notes are non-callable for four years.

Proceeds will be used to repay $228 million of 11% first mortgage notes due June 2003, to repay borrowings under the credit facility and for general corporate purposes.

The issuer is a Portland, Ore.-based steel plate and pipe producer.

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