SteelNews.com Article
Steel Dynamics to Offer $300 Million in Notes
Mar. 12, 2010 Steel Dynamics, Inc. announced plans to sell approximately $300 million in aggregate principal amount of debt securities in a transaction exempt from the registration requirements of the Securities Act of 1933, subject to market and other conditions.
The company said it intends to use net proceeds from the sale to repay amounts outstanding under its senior secured revolving credit facility and for general corporate purposes, which could include debt repayment, capital expenditures, working capital and acquisitions.
Earlier this week, the company issued first quarter 2010 earnings guidance of $0.22 to $0.27 per diluted share, noting that it has continued to benefit from “robust” order entry activity and corresponding pricing improvement at its sheet and SBQ steel operations during the first quarter.