By Sara Rosenberg
New York, Nov. 4 - Ryerson Tull Inc. priced an upsized $145 million of 20-year convertible senior notes after the close Thursday to yield 3.5% with a 45% initial conversion premium.
The deal priced at the cheap end of talk, which had put the yield at 3% to 3.5% and the conversion premium at 45% to 50%.
The notes were increased from the $125 million originally announced and were restructured from a senior subordinated ranking.
Furthermore, the greenshoe was increased to $30 million from $25 million.
JPMorgan is the bookrunner on the Rule 144A deal that will be used to repay revolver debt.
Ryerson Tull is a Chicago distributor and processor of metals and other materials.
| Issuer: | Ryerson Tull Inc.
|
| Issue: | Senior convertible notes
|
| Bookrunners: | JPMorgan
|
| Amount: | $145 million, upsized from $125 million
|
| Greenshoe: | $30 million, upsized from $25 million
|
| Maturity: | 2024
|
| Price: | Par
|
| Yield: | 3.5%
|
| Initial conversion premium: | 45%
|
| Conversion price: | $21.37
|
| Conversion ratio: | 46.7880
|
| Call: | After five years
|
| Put: | Years five, 10 and 15
|
| Pricing date: | Nov. 4 after close
|
| Settlement date: | Nov. 10
|
| Distribution: | Rule 144A
|
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