Ispat Inland Offers $800 Million in Senior Notes
03/10/2004 -
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Ispat Inland Offers
$800 Million in Senior Notes
March 10, 2004 — Ispat Inland Inc. announced that it intends to raise $800 million through a private offering of senior secured notes.
The placement is currently anticipated to consist of two series of notes — floating-rate notes maturing in 2010, and fixed-rate notes maturing in 2014. The principal amount of each series will be determined at the time of pricing of the notes.
Net proceeds of the offering will be used to repay existing indebtedness, including revolving credit, which will release funds available for general corporate purposes.
The notes have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent such registration or an applicable exemption from registration requirements. The issuance will be offered to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act.
Ispat Inland cautions that this announcement does not constitute an offer to sell or the solicitation of an offer to buy any security. There shall not be any sale of the notes in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable securities laws.
Ispat Inland Inc. is a subsidiary of Ispat International NV, one of the top steel companies in the world, with integrated steelmaking facilities in six countries and annual shipments in 2002 in excess of 15 million tonnes. Ispat Inland manufactures a broad range of semifinished and finished flat and bar steel products and is one of the North America's lowest-cost steel producers. In addition to Ispat Inland in East Chicago, Ind., USA, 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, Romania and South Africa.
