Business
Stelco announces details of proposed redemption of Stelco's floating rate notes
Stelco announces details of proposed redemption of Stelco's floating rate notes.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\nHAMILTON, ON, Sept. 19 /CNW/ - Stelco Inc. ("Stelco" or the\n"Corporation") (TSX:STE) today announced that pursuant to the terms of the\narrangement agreement (the "Arrangement Agreement") with United States Steel\nCorporation ("U.S. Steel"), U. S. Steel has specified that Stelco's floating\nrate notes due 2016 (the "Notes") are to be redeemed on the effective date\n(the "Effective Date") of the proposed arrangement under Section 192 of the\nCanada Business Corporations Act ("Arrangement") involving Stelco, U.S. Steel\nand 1344973 Alberta ULC, an indirect wholly owned subsidiary of U.S. Steel.\nThe Arrangement Agreement will be submitted for approval at the special\nmeeting of shareholders of the Corporation to be held on October 26, 2007. The\nArrangement is subject to approval by the Ontario Superior Court of Justice\n(the "Court"). If approved by shareholders and the Court, the Arrangement is\nexpected to be completed on or about October 31, 2007, subject to the\nsatisfaction of the conditions to closing set out in the agreement between the\nparties.\n\n\nU. S. Steel has specified to Stelco that if the Arrangement closes, the\nredemption amount for each U.S.$1,000 principal amount of Notes will be the\naggregate of U.S.$1,000 plus all accrued and unpaid interest thereon to but\nexcluding the Effective Date payable under the terms of the indenture (the\n"Indenture") governing the Notes plus U.S.$100, representing the premium\npayable under the terms of the Indenture, plus 30 days of additional interest\nin 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.com.\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 perfor...