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Commercial Metals wraps tender, redeems remaining 5¾% notes
By Wendy Van Sickle
Columbus, Ohio, Feb. 19 – Commercial Metals Co. redeemed the remaining $272.2 million outstanding of its 5¾% notes due 2026 (Cusip: 201723AN3), according to a news release.
The notes were redeemed on Friday for a total redemption amount of $287.5 million, including unpaid interest.
The redemption followed a tender offer for the $350 million of original notes. As of the 5 p.m. ET Feb. 1 early tender deadline, $77,773,000 of the notes were tendered and an additional $66,000 of notes were tendered after the early deadline but before the expiry of the offer at 11:59 p.m. ET on Feb. 16.
Final settlement of the tender occurred on Feb. 18.
Under the tender offer, the notes were purchased for $1,007.50 per $1,000 face amount of notes plus an early tender payment of $30 per note for those tendered prior to 5 p.m. ET on Feb. 1, for a total consideration of $1,037.50.
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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