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Steel Dynamics Announces Partial Tender Offer For Its 7 3/8% Senior Notes Due 2012 And 7 3/4% Senior Notes Due 2016

Stocks in this article: STLD

FORT WAYNE, Ind., Aug. 2, 2012 /PRNewswire/ -- Steel Dynamics, Inc. (the "Company") (NASDAQ/GS: STLD) today announced that it has commenced a cash tender offer (the "Tender Offer") for up to $210 million of the approximately $420 million outstanding aggregate principal amount of its 7⅜% Senior Notes due 2012 (CUSIP Nos. 858119AJ9 and 858119AK6; ISIN US858119AJ99 and US858119AK62) (the "2012 Notes"), and for any and all of the $500 million outstanding aggregate principal amount of its 7¾% Senior Notes due 2016 (CUSIP No. 858119ANO; ISIN US858119AN02) (the "2016 Notes" and with the 2012 Notes collectively the "Notes").  Concurrently with the Tender Offer, the Company is soliciting consents (the "Consent Solicitation" and together with the Tender Offer, the "Offer") from the holders of the 2016 Notes to proposed amendments (the "Proposed Amendments") to the Indenture governing the 2016 Notes which would shorten the advance notice period required for the Company to redeem 2016 Notes from 30 days to three business days prior to the redemption date.  The terms of the Offer are described in the Offer to Purchase and Consent Solicitation Statement dated August 2, 2012 (the "Offer to Purchase"), and a related Letter of Transmittal and Consent (the "Letter of Transmittal"), which are being sent to holders of the Notes.

The Offer is subject to a number of conditions that are set forth in the Offer to Purchase, including, without limitation, the completion of a new debt financing on terms reasonably satisfactory to the Company and in an amount generating net proceeds sufficient to purchase Notes tendered in the Offer up to the Tender Cap (as defined in the Offer to Purchase).  The Company's obligations to accept any Notes tendered and to pay the consideration for them are set forth solely in the Offer to Purchase and the Letter of Transmittal.

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