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Ryerson to buy back in-market discount notes, floaters, 12% notes using stock proceeds
By Jennifer Chiou
New York, Jan. 22 - Ryerson Holding Corp. intends to use the proceeds from an up to $350 million common stock offering to redeem in full its currently offered $200 million of senior discount notes due 2015 and to make a par offer for Ryerson Inc.'s floating-rate senior secured notes due 2014 and 12% senior secured notes due 2015, according to an S-1 filed with the Securities and Exchange Commission.
The company began the offering of senior discount notes on Thursday. The notes will be secured by a first-priority security interest in the capital stock of Ryerson Inc.
Remaining proceeds from the offering and the over-allotment option will go toward paying down a portion of the company's credit facility.
Ryerson is a Chicago-based distributor and processor of metals, with operations in North America and China.
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