IRVING, Texas, Feb. 19, 2021 /PRNewswire/ -- Commercial Metals
Company (NYSE: CMC) ("CMC") announced today that it has
redeemed all of its outstanding 5.750% Senior Notes due
2026 (the "2026 Notes") following the expiration of its
cash tender offer (the "Tender Offer") to purchase any and all of
the 2026 Notes. Following the expiration of the Tender Offer, there
was a total of approximately $272.2
million in aggregate principal of 2026 Notes outstanding
that were redeemed on February 19,
2021 for an aggregate cash redemption price of approximately
$287.5 million, including accrued and
unpaid interest.
In addition, as of 12:00 midnight, New York City Time,
February 16, 2021 (the "Expiration
Time"), $66,000 in aggregate
principal of 2026 Notes were tendered. These notes were repurchased
on February 18, 2021 for $67,792 and brought the total aggregate principal
of 2026 Notes tendered and repurchased in the Tender Offer to
approximately $77.8 million,
including amounts tendered by the early tender time, which were
previously settled on February 3,
2021.
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture,
recycle and fabricate steel and metal products, related materials
and services through a network of facilities that includes seven
electric arc furnace ("EAF") mini mills, two EAF micro mills, two
rerolling mills, steel fabrication and processing plants,
construction-related product warehouses, and metal recycling
facilities in the U.S. and Poland.
Forward-Looking Statements
This news release contains "forward-looking statements" which
involve risks and uncertainties with respect to CMC's expectations
concerning the tender offer for the 2026 Notes. These
forward-looking statements can generally be identified by phrases
such as we or our management "expects," "anticipates," "believes,"
"estimates," "intends," "plans to," "ought," "could," "will,"
"should," "likely," "appears," "projects," "forecasts," "outlook"
or other similar words or phrases. There are inherent risks and
uncertainties in any forward-looking statements. We caution readers
not to place undue reliance on any forward-looking statements.
Our forward-looking statements are based on management's
expectations and beliefs as of the time this news release is
issued. Although we believe that our expectations are reasonable,
we can give no assurance that these expectations will prove to have
been correct, and actual results may vary materially. Except as
required by law, we undertake no obligation to update, amend or
clarify any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events,
new information or circumstances or any other changes. Important
factors that could cause actual results to differ materially from
our expectations include those described in Part I, Item 1A, Risk
Factors, of our Annual Report on Form 10-K for the fiscal year
ended August 31, 2020 and in Part II, Item 1A, Risk Factors of
our subsequent Quarterly Reports on Form 10-Q as well as the
following: changes in economic conditions which affect demand for
our products or construction activity generally, and the impact of
such changes on the highly cyclical steel industry; rapid and
significant changes in the price of metals, potentially impairing
our inventory values due to declines in commodity prices or
reducing the profitability of our downstream contracts due to
rising commodity pricing; impacts from COVID-19 on the economy,
demand for our products and on our operations, including the
responses of governmental authorities to contain COVID-19 and the
impact from the distribution of various COVID-19 vaccines; excess
capacity in our industry, particularly in China, and product availability from competing
steel mills and other steel suppliers including import quantities
and pricing; compliance with and changes in environmental laws and
regulations, including increased regulation associated with climate
change and greenhouse gas emissions; involvement in various
environmental matters that may result in fines, penalties or
judgments; potential limitations in our or our customers' abilities
to access credit and non-compliance by our customers with our
contracts; activity in repurchasing shares of our common stock
under our repurchase program; financial covenants and restrictions
on the operation of our business contained in agreements governing
our debt; our ability to successfully identify, consummate and
integrate acquisitions, and the effects that acquisitions may have
on our financial leverage; risks associated with acquisitions
generally, such as the inability to obtain, or delays in obtaining,
required approvals under applicable antitrust legislation and other
regulatory and third party consents and approvals; lower than
expected future levels of revenues and higher than expected future
costs; failure or inability to implement growth strategies in a
timely manner; impact of goodwill impairment charges; impact of
long-lived asset impairment charges; currency fluctuations; global
factors, such as trade measures, military conflicts and political
uncertainties, including the impact of the 2020 U.S. election on
current trade regulations, such as Section 232 trade tariffs, tax
legislation and other regulations which might adversely impact our
business; availability and pricing of electricity, electrodes and
natural gas for mill operations; ability to hire and retain key
executives and other employees; competition from other materials or
from competitors that have a lower cost structure or access to
greater financial resources; information technology interruptions
and breaches in security; ability to make necessary capital
expenditures; availability and pricing of raw materials and other
items over which we exert little influence, including scrap metal,
energy and insurance; unexpected equipment failures; losses or
limited potential gains due to hedging transactions; litigation
claims and settlements, court decisions, regulatory rulings and
legal compliance risks; risk of injury or death to employees,
customers or other visitors to our operations; civil unrest,
protests and riots; new and clarifying guidance with regard to
interpretation of certain provisions of the Tax Cuts and Jobs Act
that could impact our assessment; and increased costs related to
health care reform legislation.
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SOURCE Commercial Metals Company