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BlueScope raises note offering to US$500M

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BlueScope raises note offering to US$500M

Strong demand from investors has prompted to increase thesize of its previouslyannounced offering of senior unsecured notes to US$500 million fromUS$300 million.

The Australian steel major said April 29 that wholly ownedsubsidiaries BlueScope Steel(Finance) Ltd. and BlueScope Finance (Americas) LLC will issue upto US$500 million worth of 6.5% senior unsecured notes due May 15, 2021, toinstitutional buyers in the U.S. and overseas.

The cash raised will be used to repay outstanding amountsunder its US$300 million unsecured bridge facility and partly redeem its 7.125%senior unsecured notes due 2018.

Settlement of the offering is due to occur on May 12.