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Ryerson to redeem $99.5 million 11¼% senior notes on Sept. 7
By Toni Weeks
San Luis Obispo, Calif., Aug. 8 – Ryerson Inc. and Joseph T. Ryerson & Son, Inc. said they plan to redeem $99.5 million of their 11¼% senior notes due 2018, according to a press release.
The notes will be redeemed at 111.25 plus accrued interest on Sept. 7.
Following the transaction, $200.5 million principal amount of the notes will remain outstanding.
The redemption is contingent on the closing of the initial public offering from the firms’ parent company, the proceeds of which will pay a portion of the redemption price.
Wells Fargo Bank, NA is the trustee.
Ryerson is a Chicago-based processor and distributor of metals including stainless and carbon steel and aluminum products.
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