trending Market Intelligence /marketintelligence/en/news-insights/trending/jcce2otpq9oxl7gfnbbtoa2 content esgSubNav
In This List

Stelco Holdings prices secondary offering at C$181.2M

Blog

Japan M&A By the Numbers: Q4 2023

Blog

Infographic: The Big Picture 2024 – Energy Transition Outlook

Case Study

An Oil and Gas Company's Roadmap for Strategic Insights in a Quickly Evolving Regulatory Landscape

Blog

Essential IR Insights Newsletter Fall - 2023


Stelco Holdings prices secondary offering at C$181.2M

Stelco Holdings Inc. said Sept. 5 that it priced a secondary offering of 8 million common shares for aggregate gross proceeds of C$181.2 million at C$22.65 per share.

Bedrock Industries currently holds 65,283,887 or 73.5% of the company's issued and outstanding common shares. Stelco was previously sold to Bedrock Industries by U.S. Steel Corp.

The shares are being offered by a consortium comprised of LG Bedrock Holdings and Foundation Industries Group.

The selling stockholders also granted the underwriters a 30-day option to buy up to an additional 1.2 million Stelco common shares for additional gross proceeds of up to C$27.2 million.

The offering is expected to close Sept. 18, subject to certain conditions and regulatory approvals.

Goldman Sachs Canada, BMO Capital Markets, Credit Suisse Securities (Canada), J.P. Morgan Securities Canada, Morgan Stanley Canada, National Bank Financial, and Oppenheimer & Co. are acting as underwriters for the offering.