BlueScope Steel Limited
(ASX:BSL) says it will not proceed with its $290 million offering of senior unsecured notes to US institutional investors.
The steel maker says its decision was based on recent volatility in US market conditions as well as investor interest not meeting the company’s terms and conditions.
BlueScope announced the notes offer at the beginning of the month in order to pay off debt and diversify its funding sources.
The company’s last annual result was impacted by impairment charges, restructuring costs and the high Australian dollar.
Bluescope Steel booked a net loss of $1.03 billion in the 2012 financial year.
