Ispat Inland Announces Partial Redemption of Notes
12/01/2004 - Ispat Inland ULC has issued a notice of redemption for $227,500,000 principal amount of its outstanding 9-3/4% Senior Secured Notes due 2014, at a redemption price equal to 109-3/4% of the outstanding principal amount being redeemed, plus accrued and unpaid interest on such amount to, but excluding, December 30, 2004. Notes will be redeemed on December 30, 2004.
Ispat Inland ULC has issued a notice of redemption for $227,500,000 principal amount of its outstanding 9-3/4% Senior Secured Notes due 2014, at a redemption price equal to 109-3/4% of the outstanding principal amount being redeemed, plus accrued and unpaid interest on such amount to, but excluding, December 30, 2004. Notes will be redeemed on December 30, 2004.
Ispat Inland ULC's parent, Ispat International NV, has agreed that it (or one of its affiliates) will purchase $256,000,000 of capital stock of Ispat Inland Inc. prior to redemption of the notes. Consistent with the terms of the indenture with respect to the notes, the cash proceeds from the stock offering will be used to redeem the notes.
Notes will be redeemed from all holders on a pro rata basis. Interest on the redeemed portion of the notes will cease to accrue on and after December 30, 2004. The only remaining right of the holder thereof shall be to receive payment of the redemption price (together with the accrued and unpaid interest on such amount).
A Notice of Redemption is being mailed by LaSalle Bank National Association, the trustee for the notes, to all registered holders of the notes. Copies of the Notice of Redemption and additional information relating to the procedure for redemption may be obtained from the Treasurer or General Counsel of Ispat Inland Inc. at (219) 399-1200.
Ispat Inland Inc. is a subsidiary of Ispat International NV. Ispat Inland manufactures a broad range of semifinished and finished flat and bar steel products.
Ispat International NV is a leading international steel company, with steelmaking facilities in six countries and shipments of 15.2 million tons in 2003. In addition to Ispat Inland in East Chicago, Ind., Ispat International has major steelmaking facilities in Canada, Mexico, Trinidad, France and Germany.
Ispat International is a member of the LNM Group, the world's second-largest and most global steel group, which also operates in Algeria, Czech Republic, Indonesia, Kazakhstan, Poland, Romania and South Africa.
