PITTSBURGH, April 14, 2011 /PRNewswire/ -- TMS International
Corp. (the "Company"), the parent company of Tube City IMS
Corporation, a leading provider of products and services to steel
mills and foundries globally, today announced that its initial
public offering of 11,200,000 shares of Class A common stock priced
at $13 per share. Of the shares
offered, the Company is issuing and selling 9,200,000 shares, and
certain stockholders of the Company are selling 2,000,000 shares.
The Company has granted the underwriters the option to purchase up
to an additional 1,680,000 shares of Class A common stock at the
initial public offering price, less the underwriting discount.
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The shares are expected to begin trading on the New York Stock
Exchange on April 14, 2011 under the
trading symbol "TMS." The offering is expected to close on
April 19, 2011.
The Company intends to use the net proceeds from the offering of
approximately $109.3 million (after
deducting underwriting discount and expenses) to reduce
indebtedness of approximately $44.0
million and for general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit
Suisse Securities (USA) LLC, and
J.P. Morgan Securities LLC, are acting as joint book-running
managers for the offering. KeyBanc Capital Markets Inc., RBC
Capital Markets, LLC, Raymond James
& Associates, Inc., BMO Capital Markets Corp., CIBC World
Markets Corp., Griffiths McBurney Corp., as agent affiliate for GMP
Securities L.P., National Bank Financial Inc., Scotia Capital
(USA) Inc. and TD Securities
(USA) LLC are acting as
co-managers.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. A registration
statement relating to these securities (File No. 333-166807) was
filed and has been declared effective by the Securities and
Exchange Commission.
The offering may be made only by means of a prospectus that may
be obtained from:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4 World Financial Center
New York, NY 10080
Attention: Preliminary Prospectus Department;
Credit Suisse Securities (USA)
LLC
Attn: Prospectus Department
One Madison Avenue
New York, NY 10010
Telephone: 1-800-221-1037
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Ave
Edgewood, NY 11717
Telephone: (866) 803-9204.
About TMS International Corp.
TMS International Corp., through its subsidiaries, including
Tube City IMS Corporation, is the largest provider of outsourced
industrial services to steel mills in North America as measured by revenue and has a
substantial and growing international presence. The Company
provides services at 74 customer sites in nine countries and
operates a global raw materials procurement network spanning five
continents.
Certain information in this news release contains
forward-looking statements with respect to the Company's financial
condition, results of operations or business or its expectations or
beliefs concerning future events. Such forward-looking statements
include the discussions of the Company's business strategies,
estimates of future global steel production and other market
metrics and the Company's expectations concerning future
operations, margins, profitability, liquidity and capital
resources. Although the Company believes that such forward-looking
statements are reasonable, it cannot assure you that any
forward-looking statements will prove to be correct. Such
forward-looking statements involve risks, uncertainties, estimates
and assumptions that may cause the Company's actual results,
performance or achievements to be materially different. Additional
information relating to factors that may cause actual results to
differ from the Company's forward-looking statements can be found
in the Company's Registration Statement on Form S-1. The Company
undertakes no obligation to update or revise forward-looking
statements after the day of the release as a result of new
information, future events or developments except as required by
law.
SOURCE TMS International Corp.