Ispat Inland Prices $800 Million in Senior Notes
03/23/2004 -
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Ispat Inland Prices
$800 Million in Senior Notes
March 23, 2004 — Ispat Inland Inc. has priced its previously announced private offering of $800 million in senior secured notes. The offering consists of $150 million principal amount of floating-rate notes maturing in 2010 and $650 million principal amount of 9-3/4% fixed-rate notes maturing in 2014.
Ispat Inland plans to use the net proceeds of the offering to repay a portion of its existing indebtedness, including borrowings under its revolving credit facilities. The credit facilities will remain in place, subject to borrowing base availability.
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 be no 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 steelmaking facilities in six countries and shipments of 15.2 million tonnes in 2003. Ispat Inland manufactures a broad range of semifinished and finished flat and bar steel products and is one of North America's lowest-cost integrated 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, Poland, Romania and South Africa.
