Steel Dynamics accepts $278.47 million early tenders for 7 3/8% notes

By Marisa Wong

Madison, Wis., Jan. 11 - Steel Dynamics, Inc. announced that it received tenders from holders of $278.47 million principal amount, or 39.78%, of its $700 million of outstanding 7 3/8% senior notes due 2012 as of 5 p.m. ET on Jan. 10, the early tender deadline of the cash tender offer for up to $350 million of the notes.

The company said it will accept the notes that have been tendered as of the early tender deadline and expects to make payments on or about Jan. 12.

As previously reported, the total purchase price is $1,046.67 for each $1,000 principal amount, which includes a $30.00 premium for notes tendered by the early deadline. Holders who tender after the early date will be ineligible to receive the $30.00 premium. The company will also pay accrued interest up to but excluding the payment date.

If the amount of tendered notes exceeds the offer cap, the company will purchase notes on a prorated basis.

The offer, which began on Dec. 27, expires at 11:59 p.m. ET on Jan. 25.

Bank of America Merrill Lynch (888 292-0070 or 980 683-3215) is the dealer manager for the offer. D.F. King & Co., Inc. (800 290-6427 or for banks and brokers 212 269-5550) is the information agent.

Steel Dynamics is a Fort Wayne, Ind.-based manufacturer and seller of steel products.

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