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Russel Metals announces pricing of $150 million of 5.75% Notes due 2025 and conditional redemption of remaining $150 million of 6% Notes due 2022
Russel Metals announces pricing of $150 million of 5.75% Notes due 2025 and conditional r...
About this update from Russel Metals Inc.
[{"type":"text","content":"\n \n \n \n Russel Metals announces pricing of $150 million of 5.75% Notes due 2025 and conditional redemption of remaining $150 million of 6% Notes due 2022\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 13, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n TORONTO\n \n ,\n \n Oct. 13, 2020\n \n /CNW/ - Russel Metals Inc. (TSX: RUS) announced today that it has entered into an underwriting agreement to sell, on a private placement basis in\n \n Canada\n \n ,\n \n $150 million\n \n aggregate principal amount of 5.75% Senior Unsecured Notes due 2025 (the \"2025 Notes\").  The 2025 Notes will be senior unsecured obligations of Russel Metals ranking equally with all of its other present and future senior unsecured indebtedness.\n \n \n Russel Metals intends to use the net proceeds of the offering to fund, in part, the repayment of its 6% senior unsecured notes due\n \n April 19, 2022\n \n (the \"2022 Notes\").  As previously announced, Russel Metals will redeem\n \n $150 million\n \n principal amount of its 2022 Notes on\n \n November 5, 2020\n \n . Russel Metals today gave notice, conditional upon the closing of the offering of the 2025 Notes, to redeem on\n \n November 12, 2020\n \n the remaining\n \n $150 million\n \n principal amount of its 2022 Notes at a price equal to 100% of their aggregate principal amount, plus accrued and unpaid interest thereon to the date on which they are redeemed.\n \n \n The offering of the 2025 Notes is expected to close on or about\n \n October 27, 2020\n \n , subject to customary closing conditions.  RBC Capital Markets is acting as sole book runner and lead manager for the offering of the 2025 Notes, with an underwriting syndicate that includes Scotia Capital Inc., Laurentian Bank Securities Inc., BMO Nesbitt Burns Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc., and TD Securities Inc.\n \n \n \n Martin L. Juravsky\n \n , Executive Vice President and CFO commented, \"T...