Note sale pumps $1.3B into Nucor’s war chest

Nov 28, 2007 | 03:13 PM | Maria Guzzo

Nucor Corp., Charlotte, N.C., sold about $1.3 billion of senior unsecured debt via a three-part note sale Wednesday.

In a filing with the U.S. Securities and Exchange Commission (SEC), the steelmaker said it plans to use the proceeds for general corporate purposes, which may include acquisitions, payment of debt, capital expenditures and working capital needs and for the repurchase of shares.

Nucor's SEC filing identified Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as the joint book-running managers in the offering.

The company did not provide specifics about how the money would be used, but industry analysts said Nucor could be getting ready to do something big. Investors appeared to agree, pushing Nucor's stock up 5.4 percent to $54.88 per share on the New York Stock Exchange Wednesday.....

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