Steel Dynamics tenders for $210 million 7 3/8% notes, all 7¾% notes

By Jennifer Chiou

New York, Aug. 2 - Steel Dynamics, Inc. announced the launch of its up to $210 million cash tender offer for its $420 million of outstanding 7 3/8% senior notes due 2012 and an offer for any and all of its $500 million of outstanding 7¾% senior notes due 2016.

The company is also soliciting consents from holders of the 7¾% notes to amend the note indenture to shorten the advance notice period required for Steel Dynamics to redeem the notes to three business days from 30 days prior to the redemption date.

For each $1,000 principal amount, the company will pay $1,014.10 for the 7 3/8% notes and $1,041.75 for the 7¾% notes, both including an early tender payment of $30.00 for those who tender by 5 p.m. ET on Aug. 15.

Steel Dynamics will also pay accrued interest to the payment date.

The offer will end at 11:59 p.m. ET on Aug. 29.

The offer is conditioned on, among other things, sufficient financing, and the 7 3/8% notes have acceptance priority over the other series.

Bank of America Merrill Lynch (888 292-0070 or 980 683-3215) and Goldman Sachs & Co. (800 828-3182 or 212 357-0345) are the dealer managers. 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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