|By PR Newswire||
|August 8, 2014 06:45 PM EDT||
CHICAGO, Aug. 8, 2014 /PRNewswire/ -- Ryerson Inc. (the "Ryerson") and Joseph T. Ryerson & Son, Inc. (collectively with Ryerson, the "Companies") announced today that they have issued a notice of redemption to redeem $99,500,000 of their 11.25% Senior Notes due 2018 (the "Notes," and the transaction whereby the Notes are partially redeemed, the "Redemption"), outstanding at the time of the Redemption. The redemption date for the Redemption has been set for September 7, 2014, and the Redemption is contingent upon the closing of the initial public offering (the "IPO") of the Companies' parent company, Ryerson Holding Corporation. The redemption price for the Notes is equal to 111.250% of the principal amount of the Notes redeemed, together with accrued and unpaid interest paid thereon, to the date of redemption. Following the Redemption, $200,500,000 of the original outstanding principal amount of the Notes will remain outstanding.
The Redemption will be conducted pursuant to Section 3.07(c), of the indenture governing the Notes, dated as of October 10, 2012, by and among the Companies, as co-issuers, each guarantor thereto and Wells Fargo Bank, National Association, as trustee. Consistent with the terms of the indenture governing the Notes, the Company will be conducting the Redemption using a portion of the cash proceeds from the IPO.
About Ryerson (www.ryerson.com)
Ryerson is a leading North American processor and distributor of metals, with operations in the United States, Mexico, Canada, China and Brazil. The company serves several industries including oil and gas, industrial equipment, transportation equipment, heavy equipment and electrical machinery. Founded in 1842, Ryerson is headquartered in the United States and employs approximately 4,000 employees in more than 100 locations.
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