Steel Dynamics, Inc. -- (Nasdaq: STLD - News) today announced its intention to offer, subject to market and other conditions, 27 million shares of common stock and $150 million aggregate principal amount of convertible senior notes due 2014. The convertible senior notes will be guaranteed by certain subsidiaries of Steel Dynamics.
Underwriters in the common stock offering and the convertible senior notes offering will have a 30-day option to purchase, from the company, up to an additional 15% of the offered amount of common stock and convertible senior notes to cover over-allotments, if any. The offerings will be made pursuant to Steel Dynamics' shelf registration statement filed with the Securities and Exchange Commission. Neither the completion of the common stock offering nor the convertible senior notes offering will be contingent on the completion of the other.
Steel Dynamics intends to use the net proceeds from the offerings to repay term loan borrowings under its existing senior secured credit facility.
Merrill Lynch & Co., Goldman, Sachs & Co., Morgan Stanley and J.P. Morgan are serving as joint book-running managers for both the common stock and the convertible senior notes offerings. BMO Capital Markets, PNC Capital Markets LLC and Wachovia Securities are serving as co-managers for the common stock offering. ABN AMRO Incorporated and PNC Capital Markets LLC are serving as co-managers for the convertible senior notes offering.
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