Steel Dynamics to price $1 billion of notes in two parts on Thursday

By Paul A. Harris

Portland, Ore., Sept. 4 – Steel Dynamics, Inc. plans to price a $1 billion two-part offering of senior notes (Ba2/BB+) Thursday, according to a market source.

The deal is coming in two $500 million tranches, one of seven-year notes that come with three years of call protection and one of 10-year notes that come with five years of call protection.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A and Regulation S with registration rights offering.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners.

BMO Securities, PNC Capital Markets, RBS Securities Inc. and Wells Fargo Securities LLC are the co-managers

The Fort Wayne, Ind.-based steel company plans to use the proceeds, along with cash on hand and credit available under its existing senior secured credit facility, to finance the planned acquisition of Severstal Columbus, LLC.

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