FORT WAYNE, Ind., December 17 — Steel Dynamics, Inc.
(NASDAQ: STLD) today announced that it agreed to privately place $100
million aggregate principal amount of 4.0% Convertible Subordinated
Notes due 2012. The notes will be subordinated obligations, convertible
into common stock of Steel Dynamics at an initial conversion ratio of
58.8076 shares per $1,000 principal amount of notes (a conversion price
of approximately $17 per share). The placement of the notes is expected
to close on December 23, 2002. Steel Dynamics has granted the initial
purchasers a 13-day option to purchase an additional $25 million
aggregate principal amount of 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 of1933, 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
CONTACT: Tracy L. Shellabarger, Vice President and Chief Financial Officer of Steel Dynamics, (260) 459-3553 |