Commercial Metals announces cash tender offer for 5¾% notes due 2026

By Rebecca Melvin

New York, Jan. 19 – Commercial Metals Co. has begun an offer to repurchase for cash all of its $350 million 5¾% notes due 2026 (Cusip: 201723AN3), according to a press release.

The notes will be redeemed for $1,007.50 per $1,000 face amount of notes plus an early tender payment of $30.00 per note for those tendered prior to 5 p.m. ET on Feb. 1, for a total consideration of $1,037.50.

The offer expires at 12 p.m. ET on Feb. 16. Validly tendered notes may be withdrawn up to 5 p.m. ET on Feb. 1.

The redemption is conditional on consummation of a financing transaction that is on satisfactory terms and conditions for Commercial Metals. It is not conditioned on a minimum amount of notes being tendered.

The company may exercise an early settlement option following the early tender time. The company has also issued a conditional notice of full redemption to holders for the redemption of all notes remaining outstanding after the completion of the tender. The redemption date is Feb. 19, and the price for the notes will be equal to par plus a make-whole premium and interest.

The depositary and information agent for the tender offer is Global Bondholder Services Corp. (866 924-2200 or 212 430-3774).

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

Commercial Metals manufactures, recycles and markets steel and metal products as well as related materials and services and is based in Irving, Tex.

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