FORT WAYNE, Ind., March 16, 2015 /PRNewswire/ -- Steel
Dynamics, Inc. (NASDAQ/GS: STLD) announced today that it has repaid
all of its outstanding 75/8% Senior Notes due
2020 (the "Notes") at a price of 103.813% of the principal amount
of the Notes, plus accrued and unpaid interest to, but not
including, March 16, 2015, the date
of redemption. On and after the redemption date, the Notes are no
longer deemed to be outstanding, interest ceases to accrue thereon
and all rights of the holders of the Notes cease to exist, except
for the right to receive the redemption price, without further
interest. Associated premiums and related expenses of
approximately $17 million were
recorded in March 2015. The repayment of $350.0 million of the principal amount of the
Notes will reduce the company's annual interest burden by
$27 million.
The Notes were issued in the original principal amount of
$350.0 million pursuant to an
Indenture dated as of March 17, 2010,
as amended by a First Supplemental Indenture dated as of
September 16, 2014, (together, the
"Indenture"), among the company, as Issuer, the guarantors party
thereto, and Wells Fargo Bank, National Association, as trustee.
The notice of redemption containing information required by the
terms of the Indenture was sent to registered holders of the Notes
on February 13, 2015. Questions
relating to redemption should be directed to Wells Fargo Bank,
National Association at 1-800-344-5128 or by fax at
(612)-667-6282.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel
producers and metals recyclers in the
United States based on estimated annual steelmaking and
metals recycling capability, with annual sales of $8.8 billion in 2014, over 7,700 employees, and
manufacturing facilities primarily located throughout the United States (including six steel mills,
eight steel coating facilities, two iron production facilities,
over 90 metals recycling locations and six steel fabrication
plants).
Forward-Looking Statement
This press release contains some predictive statements about
future events, including statements related to conditions in the
steel and metallic scrap markets, Steel Dynamics' revenues, costs
of purchased materials, future profitability and earnings, and the
operation of new or existing facilities. These statements are
intended to be made as "forward-looking," subject to many risks and
uncertainties, within the safe harbor protections of the Private
Securities Litigation Reform Act of 1995. These statements speak
only as of this date and are based upon information and
assumptions, which we consider reasonable as of this date,
concerning our businesses and the environments in which they
operate. Such predictive statements are not guarantees of future
performance, and we undertake no duty to update or revise any such
statements. Some factors that could cause such forward-looking
statements to turn out differently than anticipated include: (1)
the effects of uncertain economic conditions; (2) cyclical and
changing industrial demand; (3) changes in conditions in any of the
steel or scrap-consuming sectors of the economy which affect demand
for our products, including the strength of the nonresidential and
residential construction, automotive, appliance, pipe and tube, and
other steel-consuming industries; (4) fluctuations in the cost of
key raw materials (including steel scrap, iron units, and energy
costs) and our ability to pass-on any cost increases; (5) the
impact of domestic and foreign import price competition; (6)
unanticipated difficulties in integrating or starting up new or
acquired businesses; (7) risks and uncertainties involving product
and/or technology development; and (8) occurrences of unexpected
plant outages or equipment failures.
More specifically, we refer you to SDI's more detailed
explanation of these and other factors and risks that may cause
such predictive statements to turn out differently, as set forth in
our most recent Annual Report on Form 10-K, in our quarterly
reports on Form 10-Q or in other reports which we from time to
time file with the Securities and Exchange Commission. These are
available publicly on the SEC website, www.sec.gov, and on the
Steel Dynamics website, www.steeldynamics.com.
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SOURCE Steel Dynamics, Inc.