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TORONTO, Sept. 25, 2015 /CNW/ - Russel Metals Inc.
(RUS - TSX) today announced that it has provided holders of its
7.75% convertible unsecured subordinated debentures due
September 30, 2016 (the
"Debentures"), a notice of redemption pursuant to which
Russel Metals will redeem all of the issued and outstanding
Debentures effective November 4, 2015
(the "Redemption Date"). The Debentures are listed and
trade on the TSX under the symbol RUS.DB and as at the close of
trading on September 24, 2015, the
aggregate principal amount of Debentures outstanding was
$174,347,000.
Upon redemption, Russel Metals will pay to the holders of
Debentures $1,007.43 per $1,000 principal amount of Debentures which is
equal to the outstanding principal amount of the Debentures plus
accrued and unpaid interest thereon up to, but excluding the
Redemption Date. The redemption of the Debentures will be
financed through Russel Metals' existing credit facility.
Holders of Debentures have the right until 5:00 p.m. on November 3,
2015, to convert their Debentures into common shares of
Russel Metals at a price of $25.75,
being a conversion rate of approximately 38.8350 common shares per
$1,000 principal amount of
Debentures.
About Russel Metals
Russel Metals is one of the
largest metals distribution companies in North America. It
carries on business in three metals distribution segments: metals
service centers, energy products and steel distributors, under
various names including Russel Metals, A.J.
Forsyth, Acier Leroux, Acier Loubier, Alberta Industrial
Metals, Apex Distribution, Apex Monarch, Apex Remington, Apex
Western Fiberglass, Arrow Steel Processors, B&T Steel, Baldwin
International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel
Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel,
Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pioneer
Pipe, Russel Metals Specialty Products, Russel Metals Williams
Bahcall, Siemens Laserworks, Spartan Energy Tubulars, Sunbelt
Group, Triumph Tubular & Supply, Wirth
Steel and York-Ennis.
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SOURCE Russel Metals Inc.