Steel Dynamics to price $400 million 10-year notes on Tuesday; whisper is low 5% area yield

By Paul A. Harris

Portland, Ore., Nov. 29 – Steel Dynamics, Inc. plans to price a $400 million offering of 10-year senior notes in a quick-to-market Tuesday transaction, according to a market source.

The deal is coming with initial yield guidance in the low 5% area.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. are managing the sale.

The notes come with five years of call protection.

The Fort Wayne, Ind.-based steel producer and metals recycler plans to use the proceeds, along with cash on hand, to purchase any and all of its 6 1/8% senior notes due 2019 via tender and/or redemption.

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