FORT WAYNE, Ind., December 16, 2002 — Steel Dynamics, Inc.
(NASDAQ: STLD) today announced that it intends to offer in a private
placement, subject to market and other conditions, $100 million
aggregate principal amount of Convertible Subordinated Notes due 2012 in
an offering to qualified institutional buyers. The interest rate,
conversion rate and offering price of the convertible notes are to be
determined by negotiations between Steel Dynamics and the initial
purchasers of the convertible notes. Steel Dynamics intends to grant the
initial purchasers a 13-day option to purchase an additional $25
million aggregate principal amount of convertible notes.
Steel Dynamics intends to use the net proceeds from the offering to repay debt under its senior secured credit facilities.
This announcement is neither an offer to sell nor a solicitation to
buy these securities. The securities will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws, and unless so registered, may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.
Steel Dynamics manufactures a variety of hot- and cold-rolled steel
products at its Butler, Indiana, flat-roll mini-mill and has recently
begun initial beam production at its new Columbia City, Indiana,
structural steel and rail facility.
Forward Looking Statements
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