Commercial Metals Company Announces Completion of Redemption of 2027 Notes

Rhea-AI Summary

Commercial Metals Company (CMC) has successfully redeemed all of its outstanding 5.375% Senior Notes due 2027, totaling approximately $314.9 million, including accrued interest of $1.3 million. The redemption was financed through part of the proceeds from a recent offering of $600 million in senior notes. Following this redemption, there are no remaining 2027 Notes outstanding. CMC operates facilities in the U.S. and Poland, focusing on the manufacturing and recycling of steel and metal products.

Positive

• Successfully redeemed all outstanding 2027 Senior Notes, totaling approximately $314.9 million.
• Financed the redemption through a $600 million senior notes offering.

Negative

• None.

IRVING, Texas, Feb. 15, 2022 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) ("CMC") announced today that it has redeemed all of its outstanding 5.375% Senior Notes due 2027 (the "2027 Notes"). As a result of the completion of the redemption, none of the 2027 Notes remain outstanding. The aggregate redemption price was approximately $314.9 million, including approximately $1.3 million in accrued but unpaid interest. CMC financed the redemption with a portion of the proceeds from its recently completed offering of $600 million in aggregate principal amount of senior notes in two tranches.

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and fabricate steel and metal products, and provide related materials and services through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, one rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.

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SOURCE Commercial Metals Company

FAQ

What recent financial action did CMC announce on February 15, 2022?

CMC announced the redemption of all outstanding 5.375% Senior Notes due 2027, totaling approximately $314.9 million.

How much did CMC finance through recent senior notes offering?

CMC financed the redemption with part of the proceeds from a $600 million offering of senior notes.

What is the impact of CMC's redemption of 2027 Notes?

The redemption completed successfully, leaving no 2027 Notes outstanding.

Where does CMC operate its facilities?

CMC operates its manufacturing and recycling facilities in the United States and Poland.