PITTSBURGH, April 19, 2011 /PRNewswire/ -- TMS International Corp. (the "Company") (NYSE: TMS), the parent company of Tube City IMS Corporation, a leading provider of products and services to steel mills and foundries globally, today announced that it has closed its previously announced initial public offering of 11,200,000 shares of Class A common stock at a price to the public of $13 per share. Of the shares offered, the Company issued and sold 9,200,000 shares, and certain stockholders of the Company sold 2,000,000 shares.
Total net proceeds to the Company from the offering were approximately $109.3 million after deducting the underwriters' discount, commissions and estimated offering expenses. The Company did not receive any proceeds from the sale of Class A common stock by the selling shareholders.
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.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities LLC, were the 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 were the co-managers.
A registration statement relating to these securities (File No. 333-166807) was filed with and declared effective by the Securities and Exchange Commission on April 8, 2011.
A copy of the final prospectus relating to this offering 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
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Ave
Edgewood, NY 11717
Telephone: (866) 803-9204
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.
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.