New Issue: Steel Dynamics prices $100 million add-on at 109 to yield 7.034%

By Paul A. Harris

St. Louis, Nov. 14 - Steel Dynamics, Inc. priced a $100 million add-on to its 9½% senior notes due March 15, 2009 (B2/B+) at 109 Friday for a 7.034% yield to worst, according to an informed source.

Morgan Stanley ran the books on the Rule 144A offering.

Steel Dynamics will use proceeds to repay bank debt and finance capital expenditures.

The issuer is a Butler, Ind.-based rolled steel manufacturer.

The original $200 million priced at par on March 14, 2002.

Issuer:	Steel Dynamics, Inc.
Amount:	$100 million
Security description:	Add-on to 9½% senior notes due 2009
Bookrunner:	Morgan Stanley
Maturity:	March 15, 2009
Coupon:	9½%
Price:	109
Yield to worst:	7.034%
Call features:	Callable after March 15, 2006 at 104.750, then 102.375, declining to par on March 15, 2008 and thereafter
Equity clawback:	Until March 15, 2005 for up to 35% at 109.50
Ratings:	Moody's: B2
	Standard & Poor's: B+
Settlement date:	Nov. 26, 2003 with accrued interest

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