Outokumpu gets tenders of €154.90 million notes, offer oversubscribed

New York, Sept. 25 – Outokumpu Oyj said its tender offer to buy up to €100 million of its €250 million of outstanding 5 1/8% notes due 2015 was oversubscribed.

Holders submitted €154,898,000 of the securities for purchase.

As a result, the company will apply a scaling factor of 57.5% to tenders above €50,000.

As previously announced, for each €1,000 of notes, Outokumpu will pay €1,033 plus accrued interest.

The offer began on Sept. 16 and expired at 8 a.m. ET on Sept. 23. Completion was subject to issuance of a new senior secured bond. Outokumpu priced €250 million of new bonds at par with a 6 5/8% coupon on Sept. 19.

Nordea Bank Finland plc and Pohjola Bank plc were dealer managers for the tender offer. Nordea Bank Finland was the tender agent (+358 9 165 51404 or e-mail issuerservices.fi@nordea.com).

Outokumpu Oyj is an Espoo, Finland-based manufacturer of stainless steel.

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