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Address:
386 Wilcox Street
P.O. Box 2030
Hamilton, Ontario
L8N 3T1
Canada
Tel: (905) 528-2511
Toll Free: 1-800-263-9305
Fax: (905) 308-7002
Email: InfoCanada@uss.com
Website -
https://www.ussteelcanada.com/
Warrant Symbol - STE.WT
Number Trading - 2,269,600
Expiration Date - March 31, 2013
Cusip - 858525 14 0
Warrants called to trade news:
Stelco to list new
shares, warrants, notes April 3
2006-03-30 21:10 ET -
Miscellaneous
TSX bulletin 2006-0371
A total of 26.1 million common
shares, 2,269,600 common share
purchase
warrants and 235.07-million
(U.S.) principal amount of
secured floating-rate notes,
due 2016, of Stelco Inc. will be
listed and posted for trading at
the open on Monday,
April 3, 2006, under the trading
information set out below.
New common share symbol: STE
New common share Cusip No.:
858525 13 2
New common share trading
currency: Canadian dollars
Designated market-maker:
Independent Trading Group
Transfer agent and registrar:
CIBC Mellon Trust Company
Other markets: None
Warrants symbol: STE.WT
Warrant Cusip No.: 858525 14 0
Warrant trading currency:
Canadian dollars
Designated market-maker:
Independent Trading Group
Transfer agent and registrar:
CIBC Mellon
read more... || collapse
Other markets: None
Notes symbol: STE.NT.U
Notes Cusip No.: 858525 AG 3
Notes trading currency: U.S.
dollars
Transfer agent and registrar:
BNY Trust Co. of Canada
Other markets: None
The foregoing listings result
from the anticipated closing of
the third amended and restated
plan of arrangement and
reorganization, as amended which
is scheduled to become legally
effective on March 31, 2006.
Refer to the Toronto Stock
Exchange bulletins No. 2006-0008
dated Jan. 4, 2006, No.
2006-0238 dated March 3, 2006,
and No. 2006-0336 dated March
24, 2006, for more information.
Upon the plan becoming legally
effective, among other things:
1. both the Series A common
shares and Series B common
shares (both delisted on March
10, 2006) will be worthless and
of no value; and
2. holders of the 9.5-per-cent
convertible unsecured
subordinated debentures
(delisted on March 24, 2006), as
affected creditors (as such term
has been defined
in the plan) will be entitled to
receive, for each $1,000
principal amount of debentures,
a yet-to-be-determined dollar
value of new securities and
cash, if any.
The TSX will issue a further
bulletin providing details of
the new securities and cash to
be issued to the
debentureholders, if any, at the
time such information is known.
Should the plan not be
implemented as scheduled, the
TSX will issue a trader note
prior to the open on Monday,
April 3, 2006, announcing this
fact and halting the new
securities until further notice.
The following are attributes to
be attached to each of the new
securities.
New common shares
The new common shares will be
fully participating common
shares of the company, will
carry one vote per share, will
be entitled to dividends if
declared and will be evidenced
by registered certificates. At
present, the company is not
planning to pay dividends on the
new common shares.
Warrants
Each warrant will entitle the
holder to purchase one new
common share at a price of $11
on or after June 28, 2006, until
March 31, 2013. The warrants
will be issued in certificated
form and be governed by a
warrant indenture to be dated
March 31, 2006 (or such other
date as may be the plan
implementation date) between
CIBC Mellon, as trustee, and the
company. The warrant indenture
will provide for appropriate
adjustments to the rights of the
holders of warrants in the event
of stock dividends,
subdivisions, consolidations or
other forms of capital
reorganization.
Notes
The notes will be issued in
fully registered certificated
form and will be governed by the
first supplemental indenture to
the trust indenture, both to be
dated March 31, 2006, between
BNY Trust, as Canadian trustee,
and the Bank of New York, as
United States trustee, on the
one part, and the company on the
other part.
The notes will be quoted and
traded in U.S. funds. Daily
market quotations and trading
information for the notes will
appear under a separate heading
entitled U.S. funds in the TSX's
daily record and monthly review
and in the stock tables of the
financial press.
The notes will be quoted and
traded in U.S. funds on an
accrued interest basis, i.e. all
bids, offers and trades of the
notes will reflect only the
capital portion of the notes and
will not reflect accrued
interest. Accrued interest must
be reflected in the seller's
and buyer's settlement amount,
and must be reflected in
confirmation with clients.
The notes will be quoted based
on $100 (U.S.) principal amount
with all trades being made in
multiples of $1,000 (U.S.). For
example, an order to buy $5,000
(U.S.) principal amount will be
given as an order to buy 5,000.
An order to sell $20,000 (U.S.)
principal amount will be shown
as an order to sell 20,000. An
order for 1,500, for example, is
not acceptable since all trades
must be made in multiples of
$1,000 (U.S.). The minimum
trading unit of notes is $1,000
(U.S.) and a board lot of notes
is $1,000 (U.S.).
The following is a summary of
some of the principal provisions
of the notes. To the extent the
provisions summarized below
conflict with the supplement and
the note indenture, the
supplement and the note
indenture will prevail.
Reference should be made to the
supplement and the note
indenture for complete details.
Capitalized terms not defined
herein shall have the meanings
ascribed to them in the
supplement or the trust
indenture:
Principal amount:
235.07-million (U.S.)
Maturity date: March 31, 2016
Interest: Payable in
semi-annual instalments in
arrears on March 31 and Sept. 30
of each year with the first
payment in the amount of $53.93
(U.S.) per $1,000 (U.S.) amount
being payable on Sept. 30, 2006
(based on an issuance date of
March 31, 2006);
(i) from and including March 31,
2006, to, but not including
March 31, 2008, at the rate per
year equal to the Libor rate in
respect of the applicable
interest period plus 5.5 per
cent, provided that if the
company elects to pay interest
by issuing additional
notes (see below), such interest
rate will increase (applicable
for the entirety of the interest
period) to the applicable Libor
rate plus 8.5 per cent in
respect only of the interest
obligation being satisfied. The
interest rate applicable from
March 31, 2006, to Sept. 30,
2006, will be 10.61 per cent.
(ii) from and including March
31, 2008, at a rate per year
equal to the Libor rate in
respect of the applicable
interest period plus 5.5 per
cent, provided that if the
company elects to pay interest
by issuing additional notes (on
payment dates that are at least
five years prior to the maturity
date) or if the company elects
to accrue interest (on payment
dates that are at least five
years prior to the maturity
date), such interest rate will
increase (applicable for the
entirety of the interest period)
to the
applicable Libor rate plus 8.5
per cent in respect only of the
interest obligation being
satisfied, provided that if, on
the banking day the Libor rate
is to be calculated with respect
to the applicable interest
period, the increased rate test
amount is less than or equal to
$500-million, the applicable
rate of interest for that
interest period only will be
decreased by 0.5 per cent.
Interest will be calculated
based on a 360-day year.
The company may elect, by the
giving of notice to BNY Trust
and the Bank of New York no
later than the date that is the
earlier of the date required by
applicable law or 15 business
days prior to a record date for
the payment of interest,
provided that the election may
only be exercised in the event
that the applicable interest
payment date
falls on a date at least five
years prior to the maturity
date, to pay all, or any part,
of any interest obligation by
the issuance of further notes in
lieu of cash payments. If the
company issues such additional
notes, it will have the option
of making such payments that are
less than $1,000 (U.S.) in cash.
For a period of 15 business days
prior to each payment date,
including any
redemption date, BNY Trust and
the Bank of New York will not be
required to effect any transfers
of notes, if they so choose.
Redemption: At the option of
the company, upon the giving of
not less than 30 days advance
notice, in whole or in part,
redeemable at:
(i) 110 per cent of the
principal amount, if redeemed
prior to April 1, 2008;
(ii) 105 per cent of the
principal amount, on or after
April 1, 2008, and prior to
April 1, 2009;
(iii) 102.5 per cent of the
principal amount, on or after
April 1, 2009, and prior to
April 1, 2010; and
(iv) 100 per cent of the
principal amount on or after
April 1, 2010, in all cases,
together with accrued unpaid
interest, if any.
