This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Edgen Group Announces Proposed Refinancing Plans And Updated 2012 Guidance

Edgen Group Inc. (“Edgen Group”) (NYSE: EDG), a leading global distributor of specialized products including steel pipe, valves, plate, and related components to the energy and industrial markets, today announced proposed refinancing plans and in connection with this announcement is updating its guidance for the full 2012 fiscal year. Edgen Group’s refinancing plans include the repurchase or retirement of all of its existing 12¼% senior secured notes due 2015, the repayment in full of a note payable due 2019, a proposed offering of new senior secured notes due 2020 and a new multi-currency global asset-backed revolving credit facility to replace its two existing senior revolving credit facilities.

Proposed Offering of New Senior Secured Notes

As part of its refinancing plans, Edgen Group’s indirect subsidiary, Edgen Murray Corporation (“EMC”), intends to offer, subject to market and other conditions, $575.0 million aggregate principal amount of senior secured notes due 2020 (the “New Notes”) in a private offering.

The New Notes are expected to be guaranteed on a senior secured basis by all of the existing and certain future domestic restricted subsidiaries of Edgen Group. The New Notes and related guarantees are expected to be secured on a first priority basis by substantially all of EMC’s and the guarantors’ current and future property and assets (other than the collateral securing Edgen Group’s asset-backed credit facilities and certain other assets), and on a second priority basis by the collateral that secures Edgen Group’s asset-backed credit facilities on a first priority basis. The offering price, interest rate and other terms of the New Notes will be determined by negotiations between EMC and the initial purchasers and there can be no assurance that the New Notes offering will be consummated on terms satisfactory to Edgen Group or at all.

Edgen Group intends to use all of the net proceeds from the offering, together with borrowings under one of its asset-backed credit facilities, to repurchase or retire all of EMC’s outstanding $465 million aggregate principal amount of 12¼% Senior Secured Notes due 2015 (the “Existing Notes”) (including the payment of premiums, consent fees, accrued interest and other fees and expenses associated with such repayment) and to repay all of the amount outstanding under a note payable previously issued to the former owner of one of Edgen Group’s predecessor companies. Any remaining net proceeds would be used for general corporate purposes.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs