Algoma Steel calls all $12.9 million of 1% convertibles

Pittsburgh, Aug. 24 - Algoma Steel Inc. will redeem all $12.9 million of its outstanding 1% convertible secured notes due 2030 at par plus accrued interest, according to a company news release.

The redemption date is Sept. 30.

Holders may convert their notes before 5 p.m. ET on Sept. 29 into Algoma common shares at a conversion price of $6.25 per share, or 160 shares per $1,000 principal amount of notes.

Algoma stock closed at C$13.63 on the Toronto Stock Exchange on Monday.

Algoma is a Sault Ste. Marie, Ont., integrated steel producer.

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