Steel Dynamics driving by with $350 million of eight-year notes; early guidance mid-4% area

By Paul A. Harris

Portland, Ore., Sept. 6 – Steel Dynamics, Inc. plans to price $350 million of eight-year notes (BB+) in a Wednesday drive-by, trailing a late-morning conference call with investors, according to a buyside source.

Early guidance has the deal coming with a yield in the mid-4% area.

BofA Merrill Lynch is leading the offering.

The Rule 144A and Regulation S notes come with three years of call protection.

The Fort Wayne, Ind.-based steel producer and metals recycler plans to use the proceeds to tender for and/or redeem its 6 3/8% senior notes due 2022.

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