Ryerson delays consummation of exchange offer for 12% notes, floaters, ups interest by 25 bps

By Susanna Moon

Chicago, Oct. 8 - Ryerson Inc. said it will not consummate its exchange offer of 12% senior secured notes due 2015 and floating-rate senior secured notes due 2014 for outstanding senior secured notes of the same series issued on Oct. 19, 2007.

Until the exchange offer is consummated, the company said it will pay additional interest of 25 basis points annually for each 90-day period before the consummation of the offer, up to a maximum of 100 bps per year of additional interest.

Ryerson said it intends to consummate the offer "as promptly as practicable" after audits of some subsidiaries are completed. The company expects the audits to be completed in the first quarter of 2009.

Ryerson is a Chicago-based metal processor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.