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TMS International tendering for $275 million 7 5/8% notes due 2021
By Susanna Moon
Chicago, July 31 – TMS International Corp. is tendering for its $275 million of outstanding 7 5/8% senior notes due 2021 until 11:59 p.m. ET on Aug. 25.
The total purchase price will be $1,047.50 for each $1,000 principal amount of notes, which includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Aug. 11.
Holders who tender after the early deadline will receive $1,017.50 per $1,000 principal amount.
The issuer also will pay accrued interest to but excluding the settlement date, which will be Aug. 14 for early tendered notes.
Tendered notes may be withdrawn at any time before the early deadline.
The offer is not conditioned upon any minimum amount of notes being tendered.
If there are any remaining notes after the offer, TMS will redeem them at a redemption price of 103.813% of par plus accrued interest to but excluding the redemption date, according to a company announcement.
Credit Suisse Securities (USA) LLC (212 538-1862 or 800 820-1653), J.P. Morgan Securities LLC (212 834-4811 or 888 834-4666) and BofA Merrill Lynch (888 292-0070) are the dealer managers.
D.F. King & Co., Inc. (800 864-1460, 212 269-5550 or e-mail tmsi@dfking.com) is the tender agent and information agent.
TMS is a Glassport, Pa.-based provider of mill services for steelmakers.
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