Symmetry Holdings Inc. Announces Pricing and Closing of $315 Million Offering of Senior Secured Notes

    NEW YORK, November 15 /CNW/ - Symmetry Holdings Inc. ("Symmetry") (AMEX:  
SHJ, SHJ-U, and SHJ-WS) today announced that it has priced and closed its
previously announced private offering of $315 million aggregate principal
amount of senior secured notes under Rule 144A and Regulation S. The senior
secured notes have an annual coupon rate of 11.5%. The first semi-annual
interest payment is due on May 15, 2008. The proceeds from the offering (net
of underwriting discounts) were approximately $306 million. Symmetry used the
net proceeds from the offering in partial payment of the purchase price for
its acquisition of all of the issued and outstanding shares of Novamerican
Steel Inc. ("Novamerican") (NASDAQ:   TONS) by way of a court-approved statutory
plan of arrangement under the Canada Business Corporations Act, which closed

    The senior secured notes were issued by Novamerican Steel Finco Inc., a
wholly owned subsidiary of Symmetry, and guaranteed by Symmetry and its other
existing domestic subsidiaries.

    The senior secured notes have not been registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent such registration or an applicable exemption from the registration
requirements of the Securities Act.

    This press release is not an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
or jurisdiction.

    Forward-Looking Statements

    This press release and any related calls or discussions may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 about Symmetry, the transactions mentioned above
and its business after completion of the transaction. Forward-looking
statements are statements that are not historical facts. Such forward-looking
statements, based upon the current beliefs and expectations of Symmetry's
management, are subject to risks and uncertainties (including those described
in Symmetry's and Novamerican's public filings with the Securities and
Exchange Commission), which could cause actual results, events and
circumstances to differ materially from the forward-looking statements. In
some cases, one can identify forward-looking statements by terminology such as
"may," "should," "could," "would," "expect," "plan," "anticipate," "believe,"
"estimate," "continue," or the negative of such terms or other similar
expressions. The reader is cautioned not to rely on these forward-looking
statements. Symmetry disclaims any obligation to update these forward-looking

For further information:

For further information: Symmetry Holdings Inc. Karen G. Narwold,
General Counsel 646-429-1540 (office) 917-207-7924 (cell)

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