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Debtholder Information

 

6% Senior Unsecured Notes Due 2022

On April 12, 2012, Russel Metals issued C$300 million of 6% Senior Unsecured Notes due 2022.  The Notes will mature on April 19, 2022.  Interest on the Notes will accrue at a rate of 6.000% per annum and will be payable semi-annually in arrears in equal installments on April 19 and October 19, commencing on October 19, 2012.  The following are the material documents relating to the Notes:

Offering Memorandum
Investor Presentation

 

7.75% Convertible Unsecured Subordinated Debentures Due 2016

On October 2, 2009, Russel Metals issued $175 million of 7.75% convertible unsecured subordinated debentures. The convertible debentures will mature on September 30, 2016.  Interest is paid on the convertible debentures semi annually on March 31, and September 30.
 
Each convertible debenture is convertible into common shares at the option of the holder at any time on or prior to the business day immediately preceding September 30, 2016 or a redemption date.  The conversion price is $25.75 per common share, being a conversion rate of approximately 38.8350 common shares per $1,000 principal.
 
Upon conversion, holders of the convertible debentures will not be entitled to interest accrued since the last interest payment date, unless they convert their convertible debentures after the record date for the subsequent interest payment date, in which case, they will be entitled to receive such interest payment.
 
The Company is not required to issue fractional common shares upon conversion of the convertible debentures, but will, in lieu of a fractional interest, make a cash payment to the holder of such convertible debenture of an amount equal to the fractional interest; however, the Company is not required to make any cash payment that is less than $10.00.
 
On or after September 30, 2015, the convertible debentures are redeemable at the option of the Company, at a price equal to their principal amount plus accrued and unpaid interest.
 
The convertible debentures are not entitled to receive common share dividends.
 
On December 14, 2010 the debenture holders passed an extraordinary resolution removing the Company’s option to settle any conversion prior to maturity in cash.
 
The following are the material documents relating to the 7.75% convertible unsecured subordinated debentures:
Final Short Form Prospectus
2010 Amendment Material (Letter / Notice / Information Circular)

Credit Ratings

Please note that inclusion of the following credit ratings is for information purposes only and does not reflect Russel Metals' agreement or disagreement with the opinions expressed by the rating agency.
 
​Moody's
Corporate Rating​ ​Ba1
Senior Unsecured Notes ​Ba1
Outlook​ Negative
 

Redemptions and Maturities  

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