SYDNEY, Nov 12 (IFR) - Australia's BlueScope Steel
has pulled a planned $300 million senior unsecured note issue,
citing "recent volatility" in U.S. credit market conditions.
Guidance was released last week in the 8.50 percent area for
the debut six-year non-call three B1/BB rated offering being
arranged by sole lead manager Credit Suisse.
Pricing had been earmarked for Thursday but was subsequently
delayed until Friday afternoon, suggesting the deal had been
struggling to gain much traction before this morning's
Shares in Bluescope fell 4.8 percent.
"While BlueScope Steel received significant investor
interest in the proposed offering, this interest did not
ultimately result in terms and conditions that met the company's
expectations," Bluescope said in an ASX media release.
The funds raised were due to be used to refinance the
group's long term debt.
BlueScope Steel reported a net loss of A$1 billion ($1.04
billion) in the year to June as it restructured its business in
response to falling steel prices.