IRVING, Texas, Aug. 4 /PRNewswire-FirstCall/ -- Commercial Metals
Company (NYSE: CMC), headquartered in Irving, Texas, announced today that
it has sold $500 million principal amount of Senior Unsecured Notes due
2018. The Notes have a coupon rate of 7.35% and were sold at the offering
price of $998.28 for each $1,000 of principal to yield 7.374% to maturity.
In anticipation of the offering, the Company entered into a hedge
transaction based on then existing Treasury rates which had the effect of
reducing the Company's effective interest rate cost on the Notes to
approximately 7.29%. The Notes were assigned a Baa2 rating by Moody's
Investors Service, Inc. and Standard & Poor's assigned a BBB rating.
The Company intends to use the net proceeds from the offering to repay
its 6.75% notes due February 15, 2009, to repay commercial paper including
that incurred to fund the purchase price of recently completed
acquisitions, to fund the purchase price of future acquisitions and for
general corporate purposes.
Banc America Securities LLC and J.P. Morgan Securities Inc. acted as
joint book-running managers on the transaction.
Commercial Metals Company and subsidiaries manufacture, recycle and
market steel and metal products, related materials and services through a
network including steel minimills, steel fabrication and processing plants,
construction-related product warehouses, a copper tube mill, metal
recycling facilities and marketing and distribution offices in the United
States and in strategic international markets.
SOURCE Commercial Metals Company
 back to top
Related links:
http://www.cmc.com
CONTACT:
Debbie Okle, Director, Public Relations of
Commercial Metals Company, +1-214-689-4354
|
