Ryerson say 3.5% notes are convertible in second quarter

By Angela McDaniels

Seattle, April 5 - Ryerson Inc. said it 3.5% convertible senior notes due 2024 will be convertible during the fiscal quarter ending June 30 due to a conversion condition having been met.

Under the note indenture, the notes become convertible during a quarter if, during the last 30 consecutive trading days of the preceding quarter, the company's common stock exceeded 125% of the conversion price for 20 trading days.

Ryerson's common stock price exceeded $26.71 for the 30 trading days ended March 31, according to a company news release.

On conversion, the company will pay $1,000 in cash for each $1,000 principal amount of notes converted and will pay any amount in excess of $1,000 in stock.

Ryerson is a Chicago-based distributor and processor of metals.

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