Steel Dynamics Enters Material Definitive Agreement
Ticker: STLD · Form: 8-K · Filed: Jun 28, 2024 · CIK: 1022671
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: STLD
TL;DR
SDI just signed a big deal, new financial obligation incoming.
AI Summary
On June 26, 2024, Steel Dynamics, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, headquartered in Fort Wayne, Indiana, filed this 8-K report to disclose this significant financial event.
Why It Matters
This filing indicates a new financial commitment or obligation for Steel Dynamics, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and new financial obligations can introduce financial risks and operational changes that warrant investor attention.
Key Players & Entities
- Steel Dynamics, Inc. (company) — Registrant
- June 26, 2024 (date) — Date of earliest event reported
- Fort Wayne, Indiana (location) — Principal executive offices location
FAQ
What type of material definitive agreement did Steel Dynamics, Inc. enter into?
The filing indicates the entry into a material definitive agreement that constitutes a direct financial obligation or an obligation under an off-balance sheet arrangement of the registrant.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on June 26, 2024.
Where are Steel Dynamics, Inc.'s principal executive offices located?
Steel Dynamics, Inc.'s principal executive offices are located at 7575 West Jefferson Blvd, Fort Wayne, Indiana 46804.
What is the SIC code for Steel Dynamics, Inc.?
The Standard Industrial Classification (SIC) code for Steel Dynamics, Inc. is 3312, which corresponds to STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS).
What is the filing date for this 8-K report?
The filing date for this 8-K report is June 28, 2024.
Filing Stats: 875 words · 4 min read · ~3 pages · Grade level 11 · Accepted 2024-06-28 10:49:26
Key Financial Figures
- $0.0025 — which registered Common Stock voting, $0.0025 par value STLD NASDAQ Global Select M
- $600 million — he offer and sale (the " Offering ") of $600 million aggregate principal amount of the Compa
- $1.2 billion — unsecured revolving credit facility of $1.2 billion that matures on July 19, 2028. They hav
- $400 million — of the Underwriters who hold any of the $400 million aggregate principal amount of the Compa
Filing Documents
- tm2417823d5_8k.htm (8-K) — 31KB
- tm2417823d5_ex1-1.htm (EX-1.1) — 260KB
- 0001104659-24-076129.txt ( ) — 513KB
- stld-20240626.xsd (EX-101.SCH) — 3KB
- stld-20240626_lab.xml (EX-101.LAB) — 33KB
- stld-20240626_pre.xml (EX-101.PRE) — 22KB
- tm2417823d5_8k_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On June 26, 2024, Steel Dynamics, Inc. (the " Company ") entered into an Underwriting Agreement (the " Underwriting Agreement "), between the Company and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named in Schedule I to the Underwriting Agreement (the " Underwriters "). The Underwriting Agreement includes the terms and conditions of the offer and sale (the " Offering ") of $600 million aggregate principal amount of the Company's 5.375% Notes due 2034 (the " Notes "), indemnification and contribution obligations and other terms and conditions customary in agreements of this type. The Offering is expected to close on July 3, 2024, subject to customary closing conditions. The Underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the Underwriters and their respective affiliates have engaged in, and may in the future engage in, commercial and investment banking and other commercial dealings in the ordinary course of business with the Company or its affiliates. In particular, the affiliates of some of the Underwriters are participants in the Company's unsecured revolving credit facility of $1.2 billion that matures on July 19, 2028. They have received, or may in the future receive, customary fees and commissions or other payments for these transactions. As a result of the planned use of proceeds of the Offering, Underwriters or affiliates of the Underwriters who hold any of the $400 million aggregate principal amount of the Company's 2.800% Senior Notes due 2024 may receive a portion of the net proceeds of the Offering. Further, U.S
03. Creation of a Direct Financial Obligation or an Obligation
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference in its entirety.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d)Exhibits. The following exhibit is filed with this report: Exhibit Number Description 1.1 Underwriting Agreement, dated June 26, 2024, between Steel Dynamics, Inc. and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (filed herewith). 104 Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized. STEEL DYNAMICS, INC. /s/ Theresa E. Wagler Date: June 28, 2024 By: Theresa E. Wagler Title: Executive Vice President and Chief Financial Officer