CLAYMONT, Del., Jan. 2, 2007 (PRIME NEWSWIRE) -- Claymont Steel Holdings, Inc. (Nasdaq:PLTE) announced that it has notified the Trustee for its outstanding 15% Senior Secured Pay-In-Kind Notes due 2010 (the "Notes") that it will redeem in full the $75,000,000 aggregate principal amount of the Notes plus the associated call premium and accrued interest thereon, on February 1, 2007. The redemption will be effected in accordance with the terms of the Notes and the indenture governing the Notes at a redemption price of 110% of the principal amount of the Notes plus accrued and unpaid interest. The total redemption price of $88,906,250 will be funded through the net proceeds from Claymont Steel's recent initial public offering of common stock.
About Claymont Steel Holdings, Inc.
Claymont Steel manufactures and sells custom discrete steel plate in North America. Claymont Steel's headquarters and manufacturing facilities are located in Claymont, Delaware. More information is available at http://www.claymontsteel.com.
Forward-Looking Statements
This press release may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements of future goals and similar statements other than historical facts constitute forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, which are described in Claymont Steel's filings with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. Claymont Steel undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.