Steel maker Steel Dynamics Inc. (STLD) said it has commenced a cash tender offer for any and all of the $500 million aggregate principal amount of its 63/4% Senior Notes due 2015. In addition, the company is soliciting consents from the noteholders to proposed amendments to the Indenture governing the notes, which would shorten the advance notice period required for the company to redeem Notes from 30 days to three business days prior to the redemption date.
The offer expires at 11:59 p.m., New York City time, on April 8, 2013 unless extended. Holders who validly tender their notes after the early tender date but on or prior to the Expiration Date shall be eligible to receive the "Tender Offer Consideration" equal to $973.75 per $1,000 principal amount of Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date for the notes.
Further, Steel Dynamics plans to sell about $400 million aggregate principal amount of debt securities in a transaction exempt from the registration requirements of the Securities Act of 1933. According to a concurrent debt tender offer and consent solicitation, the company would use the proceeds, together with available cash, to buy any and all of its 63/4% senior notes due 2015, and to pay fees and expenses associated with the tender offer and consent solicitation.
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