Ryerson gets debt commitment for buyout by Platinum Equity

By Sara Rosenberg

New York, July 24 - Ryerson Inc. has received a debt financing commitment to help fund its acquisition by Platinum Equity, according to a DEFA14A filed with the Securities and Exchange Commission Tuesday.

Under the terms of the agreement, Ryerson common and convertible preferred stockholders will receive $34.50 per share in cash. The transaction is valued at about $2 billion.

There is a "go-shop" period until Aug. 18.

The transaction is expected to be completed by the fourth quarter, subject to the approval of Ryerson's stockholders and customary closing conditions.

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

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