Commercial Metals Company Announces Early Results of Cash Tender Offer for up to $130 million Aggregate Principal Amount of its 4.875% Senior Notes Due 2023
Commercial Metals Company (NYSE: CMC) ("CMC") announced today that as of 5:00 p.m., New York City time, on November 9, 2022 (the "Early Tender Time"), holders of $115,874,000 aggregate principal amount, or approximately 35.11% of the outstanding principal amount, of the outstanding 4.875% Senior Notes due 2023 (CUSIP No. 201723AK9) (the "2023 Notes") had tendered their 2023 Notes pursuant to CMC's previously announced tender offer for up to $130 million aggregate principal amount of the 2023 Notes (the "Tender Offer")
IRVING, Texas, Nov. 10, 2022 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) ("CMC") announced today that as of 5:00 p.m., New York City time, on November 9, 2022 (the "Early Tender Time"), holders of $115,874,000 aggregate principal amount, or approximately 35.11% of the outstanding principal amount, of the outstanding 4.875% Senior Notes due 2023 (CUSIP No. 201723AK9) (the "2023 Notes") had tendered their 2023 Notes pursuant to CMC's previously announced tender offer for up to $130 million aggregate principal amount of the 2023 Notes (the "Tender Offer").
The complete terms and conditions of the Tender Offer are detailed in CMC's Offer to Purchase dated October 27, 2022 (the "Offer to Purchase"). CMC currently expects that on November 10, 2022, it will accept for payment $115,874,000 aggregate principal amount of the 2023 Notes validly tendered on or prior to the Early Tender Time.
Upon early settlement, each holder who validly tendered 2023 Notes on or prior to the Early Tender Time will receive the "Total Consideration" of $998.50 per $1,000 principal amount of 2023 Notes accepted for payment, which includes the "Tender Offer Consideration" of $968.50 per $1,000 principal amount of 2023 Notes tendered and accepted for payment and the "Early Tender Payment" of $30.00 per $1,000 principal amount of 2023 Notes tendered and accepted for payment. In addition, accrued and unpaid interest from and including the last regular interest payment date of the 2023 Notes to, but not including, the date of early settlement, will be paid in cash on all validly tendered and accepted 2023 Notes.
The Tender Offer is scheduled to expire at 12:00 midnight, New York City time, at the end of the day on November 25, 2022, unless extended or earlier terminated. Because the withdrawal deadline of 5:00 p.m., New York City time, on November 9, 2022 has passed, tendered 2023 Notes may no longer be withdrawn at any time, except to the extent that CMC is required by law to provide additional withdrawal rights.
