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Ryerson to Pay Additional Interest on Outstanding Senior Secured Notes
10/09/2008 - Ryerson will pay additional interest until it consummates its Exchange Offer of 12% Senior Secured Notes due 2015 and Floating Rate Senior Secured Notes due 2014.
Ryerson Inc. announced that it will not consummate its exchange offer of 12% Senior Secured Notes due 2015 and Floating Rate Senior Secured Notes due 2014 (registered under the Securities Act of 1933) for outstanding senior secured notes of the same series issued on October 19, 2007 (the Initial Notes) on or before November 12, 2008, as required by the registration rights agreement it entered into for the offering of the initial notes.
The company said that it intends to consummate the Exchange Offer as promptly as practicable after the audits of certain of its subsidiaries (required in connection with the Exchange Offer) are completed. The company said that it expects these audits to be completed in the first quarter of 2009.
Until the company consummates the Exchange Offer (as contemplated by the registration rights agreement governing the initial notes), it will pay additional interest of 0.25% per annum of the aggregate principal amount of initial notes outstanding for each 90-day period prior to the consummation of the Exchange Offer, up to a maximum of 1.00% per annum of additional interest.
Ryerson Inc. is a leading distributor and processor of metals in North America, with 2007 revenues of $6 billion. The company services customers through a network of service centers across the United States and in Canada, Mexico, India, and China.
