FORT WAYNE, Ind., March 26, 2013 /PRNewswire/ -- Steel Dynamics, Inc. (the "Company") (NASDAQ/GS: STLD) announced today that as of 5:00 p.m., New York City time, on March 25, 2013 (the "Early Tender Deadline"), it had received tenders and related consents from holders of $301,694,000 in aggregate principal amount of its 6¾% Senior Notes due 2015 (the "2015 Notes"), representing approximately 60.34% of the outstanding 2015 Notes, in connection with the Company's previously announced cash Tender Offer.
Based upon the principal amount of 2015 Notes tendered to date, the Company will recognize pre-tax charges, consisting of tender premiums and the write-off of non-cash deferred bond fees, estimated at $2 million.
As result of the receipt of the requisite consents the Company intends to enter into the supplemental indenture with Bank of New York Mellon Trust Company as trustee, effecting the proposed amendments to the indenture dated as of April 3, 2007, as supplemented and amended, governing the 2015 Notes (the "2015 Note Indenture"), which shorten the advance notice period required for the Company to redeem any of the 2015 Notes from 30 days to three business days prior to the redemption date. The proposed amendments however will become operative only when the validly tendered notes are accepted for payment by the Company pursuant to the terms of the Tender Offer. In accordance with the terms of the Tender Offer, tendered 2015 Notes may no longer be withdrawn and delivered consents may not be revoked unless the Company makes a material change to the terms of the Tender Offer or is otherwise required by law to permit withdrawal or revocation. The terms of the Offer are described in the Offer to Purchase and Consent Solicitation Statement dated March 12, 2013 (the "Offer to Purchase"), and a related Letter of Transmittal and Consent (the "Letter of Transmittal"), which have been sent to holders of the 2015 Notes.
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