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Ryerson talks $650 million six-year secured notes to yield 11¼%-11½%; pricing Thursday
By Paul A. Harris
Portland, Ore., May 12 – Ryerson Holding Corp. talked its $650 million offering of six-year senior secured notes (Caa1/B-) to yield 11¼% to 11½%, according to a buyside source.
Talk comes on the wide end of early guidance in the low 11% yield context, according to market sources.
The Rule 144A and Regulation S deal is expected to price on Thursday.
BofA Merrill Lynch is leading the notes sale.
The notes come with three years of call protection.
Proceeds, 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 repurchase up to $95 million of JT Ryerson’s 11¼% senior notes due 2018.
The issuing entity will be Joseph T. Ryerson & Son, Inc., a wholly owned subsidiary of the Chicago-based processor and distributor of metals, with operations in the United States, Canada, Mexico and China.
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