Actionable news
All posts from Actionable news

Joseph T. Ryerson & Son, Inc. Announces Pricing of Private Offering of Senior Secured Notes

CHICAGO, May 12, 2016 /PRNewswire/ -- Ryerson Holding Corporation RYI, +1.74% (the "Company") announced today that Joseph T. Ryerson & Son, Inc., the Company's wholly owned subsidiary ("JT Ryerson"), has agreed to sell $650 million aggregate principal amount of its 11.00% Senior Secured Notes due 2022 (the "Notes") in a private offering to "qualified institutional buyers", as defined in Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons outside the United States under Regulation S under the Securities Act of 1933, as amended.

The Notes were priced to investors at 100 percent of their principal amount and will mature on May 15, 2022. JT Ryerson's obligations under the Notes will be guaranteed by the Company as well as certain subsidiaries of the Company. The Notes and the related guarantees will be secured by a first-priority security interest in substantially all of JT Ryerson's and each guarantor's present and future assets located in the United States (other than receivables, inventory, money, deposit accounts and related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The Notes and the related guarantees will also be secured on a second-priority basis by a lien on the assets that secure JT Ryerson's and the Company's obligations under their senior secured asset-based revolving credit facility. The net proceeds from the offering of the Notes, along with available cash and/or borrowings under the Company's senior secured asset-based revolving credit facility, will be used (i) to repurchase and/or redeem in full JT Ryerson's 9% Senior Secured Notes due 2017, plus accrued and unpaid interest...