Ryerson to use $111 million IPO funds to retire 11¼% notes due 2018

By Toni Weeks

San Luis Obispo, Calif., Aug. 14 – Ryerson Holding Corp. said it will use about $111 million of the proceeds from its initial public offering of stock to retire debt, according to a press release.

The company raised $121 million in the IPO, which closed on Aug. 7, by selling 11 million shares at $11.00 each.

Ryerson Inc. and Joseph T. Ryerson & Son, Inc. had announced on Aug. 8 that they planned to redeem $99.5 million of their 11¼% senior notes due 2018 at 111.25 plus accrued interest on Sept. 7 with the proceeds from their parent company’s IPO.

Following the redemption, $200.5 million principal amount of the notes will remain outstanding.

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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