Ispat Inland calls $227.5 million 9¾% notes

By Caroline Salls

Pittsburgh, Nov. 30 - Ispat Inland ULC said it will redeem $227.5 million of its outstanding 9¾% senior secured notes due 2014 on Dec. 30 at a price of 109¾% of par plus interest up to but excluding the redemption date.

Ispat Inland's parent, Ispat International NV, agreed that it or one of its affiliates will purchase $256 million of Ispat Inland capital stock prior to redemption. Proceeds from the stock offering will fund the redemption.

Ispat Inland is an East Chicago, Ind., steel company.

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