FORT WAYNE, INDIANA, June 2, 2009— Steel Dynamics, Inc. (NASDAQ:
STLD) today announced its intention to offer, subject to market and
other conditions, 27 million shares of common stock and $150 million
aggregate principal amount of convertible senior notes due 2014. The
convertible senior notes will be guaranteed by certain subsidiaries of
Steel Dynamics.
The underwriters in the common stock offering and the convertible
senior notes offering will have a 30-day option to purchase, from the
company, up to an additional 15% of the offered amount of common stock
and convertible senior notes to cover over-allotments, if any. The
offerings will be made pursuant to Steel Dynamics’ shelf registration
statement filed with the Securities and Exchange Commission. Neither the
completion of the common stock offering nor the convertible senior
notes offering will be contingent on the completion of the other.
Steel Dynamics intends to use the net proceeds from the offerings to
repay term loan borrowings under its existing senior secured credit
facility.
Merrill Lynch & Co., Goldman, Sachs & Co., Morgan Stanley and
J.P.Morgan are serving as joint book-running managers for both the
common stock and the convertible senior notes offerings. BMO Capital
Markets, PNC Capital Markets LLC and Wachovia Securities are serving as
co-managers for the common stock offering. ABN AMRO Incorporated and PNC
Capital Markets LLC are serving as co- managers for the convertible
senior notes offering.
Copies of the preliminary prospectuses relating to offerings meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended, may be obtained, when available, from Merrill Lynch & Co., 4
World Financial Center, New York, New York 10080, Attention: Prospectus
Department; Goldman, Sachs & Co., 85 Broad Street, New York, New
York 10004, Attention: Prospectus Department or by calling 212-902-1171;
Morgan Stanley, 180 Varick Street, Second Floor, New York, New York
10014, Attention: Prospectus Department (email:
prospectus@morganstanley.com); or J.P.Morgan, National Statement
Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level,
Brooklyn, New York 11245 or by telephone at (718) 242-8002.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the convertible notes or the common
stock, nor shall there be any sale of any of the convertible notes or
the common stock in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction. A registration statement relating to these securities has
been filed with the Securities and Exchange Commission and is effective.
Cautionary Statements
Contact:
Fred Warner, Investor Relations Manager
(260) 969-3564 or fax (260) 969-3590
f.warner@steeldynamics.com |