Ryerson says conversion condition met for 3.5% convertibles

By Susanna Moon

Chicago, June 28 - Ryerson Inc. said that its 3.5% convertible senior notes due 2024 will be convertible through Sept. 30 because a conversion condition was met.

The indenture provides that the notes can be converted at any time during a fiscal quarter if the company's stock trades above 125% of the conversion price for 20 out of 30 trading days.

The company will pay $1,000 per $1,000 principal amount of notes plus shares if the conversion value exceeds $1,000.

Ryerson's stock price exceeded $26.71 for at last 20 out of the 30 trading days ended June 30.

The conversion condition also was met for the prior quarter but no holders elected to convert the notes as of June 28.

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

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