Press release
Steel Dynamics Announces Completion of Note Offering and Redemption Calls for its 5.250% Senior Notes Due 2023 and its 5.500% Senior Notes Due 2024
FORT WAYNE, Ind., June 5, 2020 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced today that it has consummated the sale of $400 million
About this update from Steel Dynamics, Inc.
[{"type":"text","content":" FORT WAYNE, Ind., June 5, 2020 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced today that it has consummated the sale of $400 million aggregate principal amount of 2.400% Notes due 2025 (\"2025 Notes\") and $500 million aggregate principal amount of 3.250% Notes due 2031 (together with the 2025 Notes, the \"Notes\"). The net proceeds from the Notes will be used to redeem $400 million of the company's 5.250% Senior Notes due 2023 (\"2023 Notes\") and $500 million of the company's 5.500% Senior Notes due 2024 (\"2024 Notes\").\n\"We are incredibly pleased with the execution and support for our second investment grade note offering,\" stated Theresa E. Wagler, Executive Vice President and Chief Financial Officer. \"These transactions are a continuation of our long-term strategy to provide a strong capital foundation in support of our teams, our customers, and our growth. Since attaining our investment grade designation in October 2019, we have meaningfully extended our debt maturity profile and significantly decreased our annual interest costs. We remain committed to maintaining our investment grade credit ratings, which we believe provide avenues to lower-cost and longer-term capital, providing long-term optionality and value creation opportunities.\"\nAdditionally, the company announced today that it has called for redemption $400 million of the 2023 Notes and $500 million of the 2024 Notes. The redemption date for the 2023 Notes and 2024 Notes will be July 5, 2020. The redemption price for the 2023 Notes will be at 100.875% and for the 2024 Notes will be at 102.750%, plus accrued and unpaid interest to, but not including, the redemption date. On and after the redemption date, the 2023 Notes and 2024 Notes will no longer be deemed outstanding, interest will cease to accrue thereon and all rights of any remaining holders of 2023 Notes and 2024 Notes will cease to exist, except for the right to receive the redemption price, without interest thereon. The notice of redemption containing information required by the terms of the indenture, dated as of March 26, 2013, as supplemented and amended, governing the 2023 Notes, was sent to registered holders of the 2023 Notes on June 5, 2020. The notice of redemption containing information required by the terms of the indenture, dated as of September 9, 2014, as supplemented...