Commercial Metals sees early tenders for $115.9 million of 2023 notes

By Marisa Wong

Los Angeles, Nov. 10 – Commercial Metals Co. announced the early results of its Oct. 27 cash tender offer to purchase up to $130 million of its $330 million outstanding 4 7/8% senior notes due 2023 (Cusip: 201723AK9).

As of 5 p.m. ET on Nov. 9, the early tender time, holders had tendered $115,874,000, or 35.11%, of the notes, according to a press release.

The company expects to accept for payment all of the early tendered notes on Nov. 10.

As previously announced, the company is offering a total consideration of $998.50 per $1,000 principal amount. The total consideration includes an early tender payment of $30 per $1,000 of notes tendered by the early tender time.

Holders tendering after the early deadline will only be eligible to receive the tender offer consideration of $968.50 per $1,000 of notes.

In addition, the company will pay accrued interest to but excluding the applicable settlement date.

The tender offer expires at midnight ET at the end of the day on Nov. 25. Final settlement will occur promptly after that.

Tenders may no longer be withdrawn.

If the tender offer is oversubscribed, tendered notes may be accepted on a prorated basis.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager for the offer.

The depositary and information agent is Global Bondholder Services Corp. (855 654-2014 or 212 430-3774).

Based in Irving, Tex., Commercial Metals manufactures, recycles and markets steel and metal products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.