Oregon Steel Mills to redeem $303 million 10% first-mortgage notes

By Jennifer Chiou

New York, June 14 - Oregon Steel Mills, Inc. announced the redemption of its $303 million of 10% first-mortgage notes due July 15, 2009.

The company will redeem the securities at 105% on July 15.

"One of our stated priorities over the past two years has been to reduce debt and improve our financial liquidity," president and chief executive officer Jim Declusin said in a news release.

"This action eliminates the expensive high-yield debt issued in 2002, reduces our net interest expense dramatically and contributes to our ongoing efforts to strengthen our financial position."

The company added it will fund the redemption using a combination of cash on hand and borrowings under a new five-year $175 million revolving credit facility.

U.S. Bank NA is the trustee (800 934-6802).

Oregon Steel is a Portland, Ore.-based manufacturer and seller of specialty and commodity steel products.

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