Ryerson to sell $900 million notes in two parts late Sept. 24 week

By Paul A. Harris

Portland, Ore., Sept. 25 - Ryerson Inc. and Joseph T. Ryerson & Son, Inc. plan to price a $900 million two-part offering of notes late in the Sept. 24 week, according to a syndicate source.

The Rule 144A with registration rights deal includes a $600 million tranche of five-year senior secured notes, which come with 2.5 years of call protection, and a $300 million tranche of six-year senior unsecured notes, which come with three years of call protection.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Jefferies & Co., UBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

KeyBanc Capital Markets, Macquarie Capital, PNC Capital Markets and Stephens Inc. are the co-managers.

Proceeds will be used to refinance the outstanding notes at Ryerson Inc. and Ryerson Holding Corp. and to repay borrowings on the company's ABL facility.

Ryerson is Chicago-based distributor and processor of metals and other materials.

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