FORT WAYNE, Ind., Dec. 6, 2016 /PRNewswire/ -- Steel Dynamics,
Inc. (the "Company") (NASDAQ/GS: STLD) announced today that as of
5:00 p.m., New York City time, on December 5, 2016 (the "Expiration Time"), it had
received tenders from holders of $266,209,000 in aggregate principal amount of its
6.125% Senior Notes due 2019 (the "2019 Notes"), representing
approximately 67% of the outstanding 2019 Notes, in connection
with the Company's previously announced cash tender offer (the
"Offer").
During the fourth quarter, the Company expects to recognize
pretax charges of approximately $16
million, related to tender and call premiums and the
associated write-off of non-cash deferred bond fees and other
associated expenses.
The Company has made payments with respect to any
2019 Notes accepted for purchase on December 6, 2016. For each $1,000 principal amount of 2019 Notes
tendered on or before the Expiration Time, the Company paid
$1,033.88 plus accrued and unpaid
interest.
Additionally, the Company announced today that it has called for
redemption all of its remaining 2019 Notes that were not purchased
in connection with the Offer. The redemption date for the
remaining outstanding 2019 Notes will be January 5, 2017. The redemption price for the
remaining outstanding 2019 Notes will be at 103.063%, plus
accrued and unpaid interest to, but not including, the redemption
date. On and after the redemption date, the 2019 Notes will no
longer be deemed outstanding, interest will cease to accrue thereon
and all rights of any remaining holders of 2019 Notes will
cease to exist, except for the right to receive the redemption
price, without interest thereon. The notice of redemption
containing information required by the terms of the indenture,
dated as of August 16, 2012, as
supplemented and amended, governing the 2019 Notes, was sent to
registered holders of the 2019 Notes on December 6, 2016. 2019 Notes are to be
surrendered to Wells Fargo Bank, National Association, as trustee
and paying agent, in exchange for payment of the redemption price
on the redemption date.
Questions relating to redemption should be directed to Wells
Fargo Bank, National Association at (800) 344-5128 or by fax at
(612) 667-6282.
This press release is for informational purposes only and is not
an offer to purchase or a solicitation of an offer to purchase with
respect to any of the 2019 Notes or any other securities, and
shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel
producers and metals recyclers in the
United States based on estimated annual steelmaking and
metals recycling capability, with facilities located throughout
the United States and in
Mexico. Steel Dynamics produces steel products, including hot
roll, cold roll, and coated sheet steel, structural steel beams and
shapes, rail, engineered special-bar-quality steel, cold finished
steel, merchant bar products, specialty steel sections and steel
joists and deck. In addition, the company produces liquid pig
iron and processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This press release contains certain predictive statements that
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements
included in this press release that address activities, events or
developments that the Company expects, believes or anticipates will
or may occur in the future are forward‑looking statements.
These include statements regarding the Offer, payments thereunder
and results therefrom. These statements are based on the
Company's current expectations and projections about future events
and involve known and unknown risks, uncertainties, and other
factors that may cause the Company's actual results and performance
to be materially different from any future results or performance
expressed or implied by these forward‑looking statements.
More specifically, we refer you to the Company's detailed
explanation of these and other factors and risks that may cause
such predictive statements to turn out differently, as set forth in
our most recent Annual Report on Form 10-K, in our quarterly
reports on Form 10-Q or in other reports which we from time to time
file with the Securities and Exchange Commission, available
publicly on the SEC Web site, www.sec.gov.
Forward-looking or predictive statements we make are based upon
information and assumptions, concerning our businesses and the
environments in which they operate, which we consider reasonable as
of the date on which these statements are made. Due to the
foregoing risks and uncertainties however, as well as, matters
beyond our control which can affect forward-looking statements, you
are cautioned not to place undue reliance on these predictive
statements, which speak only as of the date of this press release.
We undertake no duty to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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SOURCE Steel Dynamics, Inc.