Ryerson to sell $650 million offering of secured notes due 2022

By Paul A. Harris

Portland, Ore., May 10 – Ryerson Holding Corp. announced in a Tuesday press release that wholly owned subsidiary Joseph T. Ryerson & Son, Inc. intends to raise about $650 million with the sale of senior secured notes due 2022.

Proceeds from the Rule 144A and Regulation S offering, along with available cash and/or borrowings under the company’s senior secured asset-based revolving credit facility, will be used to repurchase and/or redeem in full JT Ryerson’s 9% senior secured notes due 2017 and to repurchase up to $95 million of JT Ryerson’s 11¼% senior notes due 2018.

Chicago-based Ryerson is a processor and distributor of metals with operations in the United States, Canada, Mexico and China.

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