FORT WAYNE, Ind., Dec. 27, 2011 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that it intends to refinance a portion of its existing 7 3/8% Senior Notes due 2012 (CUSIP Nos. 858119AJ9 and 858119AK6; ISIN USU85795AD16) (the "Notes"), and in connection therewith, has commenced a cash tender offer (the "Offer") for up to $350 million of the $700 million outstanding aggregate principal amount of the Notes. The terms of the Offer are described in the Offer to Purchase, dated December 27, 2011 (the "Offer to Purchase"), and a related Letter of Transmittal (the "Letter of Transmittal"), which are being sent to holders of the Notes. In addition to the Offer, the company is pursuing its rights under its existing senior secured revolving credit facility to secure a new $315 million term loan, the proceeds from which, together with available cash, are expected to be used to purchase the tendered Notes that are accepted for purchase pursuant to the Offer. There can be no assurance that the company will consummate the new term loan; however, the Offer is not contingent upon the company securing the new term loan financing. Holders must validly tender their Notes prior to the early tender deadline of 5:00 p.m., New York City time, on January 10, 2012, unless extended (the "Early Tender Deadline"), in order to be eligible to receive the "Total Consideration." The Total Consideration will equal $1,046.67 per $1,000 principal amount of Notes, which includes an early tender payment of $30.00 per $1,000 principal amount of Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date for the Notes. The Offer expires at 11:59 p.m., New York City time, on January 25, 2012 unless extended (the "Expiration Date"). Holders who validly tender their Notes after the Early Tender Deadline but on or prior to the Expiration Date shall be eligible to receive the "Tender Offer Consideration" equal to $1,016.67 per $1,000 principal amount of Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date for the Notes. Holders of Notes tendered after the Early Tender Deadline will not be eligible to receive the early tender payment. The Early Tender Deadline and the Expiration Date may be extended, and the company may withdraw or not complete the Offer. Except in certain circumstances, Notes tendered may not be withdrawn after 5:00 p.m., New York City time on January 10, 2012. The aggregate principal amount of Notes purchased in the Offer will be subject to proration and other terms set forth in the Offer to Purchase. If the aggregate principal amount of Notes tendered exceeds $350 million, the sum of each holder's validly tendered Notes accepted for purchase will be determined by multiplying each holder's tender by the proration factor, and rounding the product down to the nearest $1,000. The proration factor will be determined by the company as soon as practicable after the Early Tender Deadline or the Expiration Date, where applicable, and will be announced by press release or other permitted means. The Offer is subject to a number of conditions that are set forth in the Offer to Purchase. The company's obligations to accept any Notes tendered and to pay the consideration of them are set forth solely in the Offer to Purchase and the Letter of Transmittal. There can be no assurance that the Company will consummate one or more new debt financings.