STEEL DYNAMICS,INC. (NASDAQ:STLD) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
On December 29, 2016, Steel Dynamics, Inc. (the “Company”) terminated and discharged its remaining financial obligations with respect to its remaining outstanding 6 1/8% Senior Notes due 2019 (the “Notes”) and the portion of the related Indenture with respect to the Notes described in the following paragraph.
The Notes were part of an issue in the original principal amount of $400,000,000, to an Indenture dated as of August 16, 2012 (the “Indenture”), among the Company as Issuer, the Initial Subsidiary Guarantors, and Wells Fargo Bank, National Association, as Trustee (the “Trustee”). As of December 29, 2016, and following the expiration of an offer to purchase the Notes initiated by the Company on November 29, 2016, to which Notes in the aggregate principal amounts of $266,345,000 were tendered, $133,655,000 aggregate principal amount of Notes remained outstanding. These remaining Notes have been called for redemption on January 5, 2017 (the “Call Date”).
to the Indenture, the Company had the right to elect to terminate and discharge its financial obligations under the Notes and under the Indenture with respect to the Notes by irrevocably depositing with the Trustee the aggregate principal amount of the Notes remaining outstanding, together with the stipulated call premium, and accrued and unpaid interest to the Call Date. Accordingly, the Company on December 29, 2016 deposited the requisite cash in the amount of $140,932,440.50 with the Trustee under the terms of an Irrevocable Trust Agreement. The Trustee will hold the cash in trust until the Call Date, at which time it will be paid to the Holders of the Notes in accordance with the requirements of the Indenture.
The Indenture remains outstanding and will continue to govern the Company’s obligations with respect to its outstanding $350,000,000 6 3/8% Senior Notes due 2022.
About STEEL DYNAMICS, INC. (NASDAQ:STLD)
Steel Dynamics, Inc. is a steel producing and a metal recycling company. The Company is engaged in manufacturing and selling of steel products, processing and selling of recycled ferrous and non-ferrous metals, and fabricating and selling of steel joist and deck products. Its segments include steel operations, which include the Company’s Butler Flat Roll Division, Columbus Flat Roll Division, The Techs galvanizing lines, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia and Iron Dynamics (IDI); metals recycling operations, which include both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage and consulting services; steel fabrication operations, which include over eight New Millennium Building Systems joist and deck plants located throughout the United States and Northern Mexico, and other operations, which consist of its Minnesota ironmaking operations, and several smaller joint ventures. STEEL DYNAMICS, INC. (NASDAQ:STLD) Recent Trading Information
STEEL DYNAMICS, INC. (NASDAQ:STLD) closed its last trading session up +0.08 at 37.86 with 3,852,657 shares trading hands.