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Steel Dynamics gets needed consents to amend 6¾% notes due 2015
By Marisa Wong
Madison, Wis., March 26 - Steel Dynamics, Inc. said it had received tenders and consents from holders of $301,694,000 principal amount, or 60.34%, of its outstanding 6¾% senior notes due 2015 as of 5 p.m. ET on March 25, the early tender deadline of its previously announced tender offer and consent solicitation.
The company began the cash tender offer for its $500 million principal amount of 6¾% notes on March 12.
The company also solicited consents to amend the notes to shorten the notice period for redeeming the notes to three business days from 30 days. Because the company received the necessary consents, it intends to enter into a supplemental indenture effecting the changes.
Tendered notes may no longer be withdrawn.
Settlement for the early tendered notes was scheduled for March 26.
The total purchase price is $1,003.75, including an early tender payment of $30.00 per $1,000 principal amount of notes tendered by the early tender date.
Those who tender their notes after the early deadline will receive $973.75 per $1,000 principal amount.
Holders also will receive accrued interest up to but excluding the payment date.
The tender offer expires at 11:59 p.m. ET on April 8.
As noted before, the offer is conditioned on the completion of a new debt financing with enough proceeds, along with cash on hand, to fund the offer.
Steel Dynamics priced $400 million of 5¼% senior notes due 2023 at par on March 12, as reported by Prospect News.
BofA Merrill Lynch (888 292-0070 or collect 980 387-3907), Goldman Sachs & Co. (800 828-3182 or collect 212 357-0345) and J.P. Morgan Securities LLC (800 245-8812 or collect 212 270-1200) are the dealer managers. D.F. King & Co., Inc. (800 290-6427 or banks and brokers 212 269-5550) is the information agent.
Steel Dynamics is a Fort Wayne, Ind.-based steel producer and recycler.
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