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Steel Dynamics tenders, solicits consents for $500 million 6¾% notes
By Susanna Moon
Chicago, March 12 - Steel Dynamics, Inc. said it began a cash tender offer and consent solicitation for its $500 million principal amount of 6¾% senior notes due 2015.
The company also is soliciting consents to amend the notes to shorten the notice period for redeeming the notes to three business days from 30 days, according to a press release.
The total purchase price will be $1,003.75, including an early tender payment of $30.00, per $1,000 principal amount of notes tendered by 5 p.m. ET on March 25, the early tender date.
Those who tender their notes after the early tender 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.
The early settlement date has been set for March 26.
Tendered notes may be withdrawn until the early tender date.
The offer is conditioned on the completion of a new debt financing with enough proceeds to fund the offer, along with cash on hand.
Steel Dynamics was set to price $400 million of senior notes due 2023 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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