PNA Group plans to buy back 10¾% notes, floating-rate toggle notes

By Angela McDaniels

Tacoma, Wash., June 17 - PNA Group, Inc. plans to repurchase all of its 10¾% senior notes due 2016 and all of PNA Intermediate Holding Corp.'s senior floating-rate toggle notes due 2013, according to an 8-K report filed with the Securities and Exchange Commission on Tuesday.

The repurchases are being considered in connection with Reliance Steel & Aluminum Co.'s planned acquisition of PNA Group Holding Corp.'s outstanding capital stock from Platinum Equity. The $1.1 billion purchase will be made through RSAC Management Corp. and is expected to be completed with 60 days.

According to the filing, RSAC will have enough available funds following the acquisition to repurchase the notes, to repay PNA's senior credit facility, to repay the $12 million promissory note dated May 9, 2006 issued by PNA to Preussag North America, Inc. and to pay all expenses linked to the acquisition.

PNA Group is an Atlanta-based steel service center group.

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