Ryerson to pay down asset-based revolver with new note proceeds

By Tali David

Minneapolis, Sept. 25 - Ryerson Inc. plans to use the proceeds of its $900 million senior note offering to repay outstanding debt under the company's senior secured asset-based revolving credit facility, according to a news release.

Proceeds will also be used to repay the company's outstanding floating-rate senior secured notes due Nov. 1, 2014, its outstanding 12% senior secured notes due Nov. 1, 2015 and Ryerson Holding Corp.'s 14½% senior discount notes due 2015 and accrued interest on the notes.

Ryerson is a Chicago-based processor and distributor of metals including stainless and carbon steel and aluminum products.

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