Ryerson begins tender offer, consent solicitation for 9% secured notes

By Angela McDaniels

Tacoma, Wash., May 10 – Ryerson Holding Corp. subsidiary Joseph T. Ryerson & Son, Inc. began a tender offer and consent solicitation for its $569.9 million of outstanding 9% senior secured notes due 2017, according to a company news release.

The tender offer will end at 11:59 p.m. ET on June 7.

Joseph T. Ryerson is soliciting consents to some proposed amendments to the indenture governing the notes to eliminate substantially all of the restrictive covenants, some events of default and related provisions.

Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.

The company is offering $1,022.50 per $1,000 principal amount of notes. This includes a consent payment of $30.00 for each note tendered by the consent time, 5 p.m. ET on May 23.

The company will also pay accrued interest up to but excluding the settlement date, which is expected to be May 24 for notes tendered by the consent time.

Joseph T. Ryerson plans to fund the tender offer with the proceeds of $650 million of senior secured notes due 2022. The tender offer is conditioned on the completion of the new notes offering.

The dealer manager is BofA Merrill Lynch (980 388-3646 or 888 292-0070). The information agent is Ipreo LLC (212 849-3880 or 888 593-9546).

Chicago-based Ryerson is a processor and distributor of metals.

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