FORT WAYNE, INDIANA, June 18, 2009—Steel Dynamics, Inc. (NASDAQ/GS:
STLD) announced today that the underwriters of its previously announced
offerings of $250,000,000 principal amount of 5.125% convertible senior
notes due 2014 and 27,000,000 shares of its common stock have exercised
in full their options to purchase an additional $37,500,000 principal
amount of 5.125% convertible senior notes due 2014 and an additional
4,050,000 shares of its common stock to cover over-allotments. The
exercise of the over-allotment options results in the issuance for these
offerings, in the aggregate, of $287,500,000 aggregate principal amount
of 5.125% convertible senior notes due 2014 and 31,050,000 shares of
common stock. The closings for the exercise of the over-allotment
options were on June 18, 2009.
As previously disclosed, the Company intends to use the net proceeds
from these offerings to repay the term loan portion of its existing
senior secured credit facility in full. The remaining proceeds from the
offerings will be used for general corporate purposes.
Merrill Lynch & Co., Goldman, Sachs & Co., Morgan Stanley
& Co. Incorporated and J.P. Morgan Securities Inc. served 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 served as co-managers for the common stock
offering. ABN AMRO Incorporated and PNC Capital Markets LLC served as
co-managers for the convertible senior notes offering.
Copies of the prospectuses relating to offerings meeting the
requirements of Section 10 of the Securities Act of 1933, as amended,
may be obtained 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 &
Co. Incorporated, 180 Varick Street, Second Floor, New York, New York
10014, Attention: Prospectus Department (email: prospectus@morganstanley.com);
or J.P. Morgan Securities Inc., 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 senior notes or the
common stock, nor shall there be any sale of any of the convertible
senior 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 |