Ryerson to pay down part of credit facility with stock proceeds

By Jennifer Chiou

New York, Jan. 22 - Ryerson Holding Corp. plans to use some of the proceeds from an up to $350 million common stock offering to repay a portion of its credit facility, according to an S-1 filed with the Securities and Exchange Commission.

Remaining proceeds will go toward the redemption in full of the company's $200 million of senior discount notes due 2015 as well as a par offer for Ryerson Inc.'s floating-rate senior secured notes due 2014 and 12% senior secured notes due 2015.

Ryerson is a Chicago-based distributor and processor of metals, with operations in North America and China.

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