Business
Semi-annual interest rate for Stelco's floating rate notes
Semi-annual interest rate for Stelco's floating rate notes.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\nHAMILTON, ON, Sept. 27 /CNW/ - Stelco Inc. (TSX: STE) today announced\nthat, for the period from September 30, 2007 to March 30, 2008 inclusive, the\nrate of interest per annum for Stelco's floating rate notes due 2016 (the\n"Notes") will be 10.64%. The foregoing interest rate, which has been\nestablished in accordance with the terms of the indenture governing the Notes\n(the "Indenture"), is subject to adjustment in certain circumstances as\nprovided for in the Indenture.\n\n\nAs announced by Stelco on September 19, 2007, United States Steel\nCorporation ("U.S. Steel") has specified that the Notes are to be redeemed on\nthe effective date of the proposed arrangement under Section 192 of the Canada\nBusiness Corporations Act ("Arrangement") involving Stelco, U.S. Steel and\n1344973 Alberta ULC, an indirect wholly owned subsidiary of U.S. Steel. If\napproved by shareholders and the Ontario Superior Court of Justice, the\nArrangement is expected to be completed on or about October 31, 2007, subject\nto the satisfaction of the conditions to closing set out in the agreement\nbetween the parties. U. S. Steel has specified to Stelco that if the\nArrangement closes, the redemption amount for each U.S.$1,000 principal amount\nof Notes will be the aggregate of U.S.$1,000 plus all accrued and unpaid\ninterest thereon to but excluding the effective date of the Arrangement\npayable under the terms of the Indenture plus U.S.$100, representing the\npremium payable under the terms of the Indenture, plus 30 days of additional\ninterest in lieu of notice under the Indenture.\n\n\nAbout Stelco\n\n\nStelco is one of Canada's largest steel companies. It is focused on its\ntwo Ontario-based integrated steel businesses located in Hamilton and in\nNanticoke. These operations produce high quality value-added hot rolled, cold\nrolled, coated sheet and bar products. To learn more about Stelco and its\nbusinesses, please refer to our Web site at www.stelco.ca.\n\n\nCautionary Statement with Respect to Forward-Looking Statements\n\n\nCertain statements included herein constitute "forward-looking\nstatements". All statements, other than statements of historical fact,\nincluded in this release that address future activities, events, developments\nor financial performance, are forward-looking statement...