Steel Dynamics plans $315 million term loan to fund notes repurchase

By Sara Rosenberg

New York, Dec. 27 - Steel Dynamics Inc. is looking to get a new $315 million term loan to help fund a cash tender offer for its 7 3/8% senior notes due 2012, according to a news release.

The company is tendering for $350 million of the $700 million notes in an offer that expires on Jan. 25. The tender is not contingent upon completion of the term loan.

Other funds for the buyback will come from cash on hand.

Bank of America Merrill Lynch is the dealer manager for the tender offer.

Steel Dynamics is a Fort Wayne, Ind.-based manufacturer and seller of steel products.

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