Steel Dynamics Inc announced that, as of 5:00 PM New York City time, on August 15th 2012, it had received tenders from holders of USD 62,146,000 in aggregate principal amount of its 7.375% Senior Notes due 2012, representing approximately 14.79% of the outstanding 2012 Notes, and tenders and related consents from holders of USD 410,462,000 in aggregate principal amount of its 7.75% Senior Notes due 2016, representing approximately 82.09% of the outstanding 2016 Notes, in connection with the company's previously announced cash tender offer for up to USD 210 million of the approximately USD 420 million outstanding aggregate principal amount of the 2012 Notes, and for any and all of the USD 500 million outstanding aggregate principal amount of the 2016 Notes.

Based upon the principal amount of Notes tendered to date, the company will recognize pre tax charges, consisting of tender premiums and the write off of non cash deferred bond fees, estimated at USD 20 million.

As result of the receipt of the requisite consents, the company intends to enter into the supplemental indenture with the trustee effecting the proposed amendments to the indenture governing the 2016 Notes on August 16th 2012, which shorten the advance notice period required for the Company to redeem any of the 2016 Notes from 30 days to three business days prior to the redemption date. The proposed amendments however will become operative only when the validly tendered notes are accepted for payment by the Company pursuant to the terms of the Tender Offer. In accordance with the terms of the Tender Offer, tendered Notes may no longer be withdrawn and delivered consents may not be revoked unless the Company makes a material change to the terms of the Tender Offer or is otherwise required by law to permit withdrawal or revocation. The terms of the Offer are described in the Offer to Purchase and Consent Solicitation Statement dated August 2nd 2012, and a related Letter of Transmittal and Consent, which have been sent to holders of the Notes.

The company currently expects to make payments with respect to any Notes accepted for purchase on or about August 16th 2012, subject to the satisfaction or waiver of the conditions specified in the Offer to Purchase. For each USD 1,000 principal amount of 2012 Notes tendered on or before the Early Tender Deadline, the company will pay USD 1,014.10 and for each USD 1,000 principal amount of 2016 Notes tendered on or before the Early Tender Deadline, the Company will pay USD 1,041.75.

The company has engaged BofA Merrill Lynch and Goldman, Sachs & Co as dealer managers for the Offer.

Source - Steel Dynamics Inc

(www.steelguru.com)