BUZZ-Ryerson Holding Corp: Shares bend on stock offering

Tue Jul 19, 2016 11:33am EDT
 
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** Ryerson Holding shares drop as co launches its public follow-on set to price after the close on Tues

** Stock falls as much as 13.8 pct, on track for biggest one-day pct loss since early Mar

** Metals processor offering 5 mln shares; represents about 16 pct of 32.1 mln total shares outstanding as of Jul 15

** Co intends to use deal proceeds to repay debt, including its outstanding senior notes due 2018

** Ryerson also provides preliminary Q2 results; expects adj EBITDA of $53-$56 mln, above prior guidance of $50-$55 mln, on net sales of $730-$740 mln, according to prospectus filing

** Despite today's retreat, Ryerson's shares on a tear this year amid co's operational turnaround; RYI hit a $19.71 record high on Mon, well above its Jan low of $2.53