AK Steel's Subsidiary Announces Pricing Of $300 Million Senior Notes Offering

AK Steel announced that its subsidiary, AK Steel Corporation (AK Steel), has successfully priced a public offering of $300 million of 8.375% senior notes due 2022. The size of the offering was increased from the previously announced $250 million to $300 million. AK Steel will pay interest on the notes semi-annually on April 1 and October 1 of each year. Interest on the newly issued notes will accrue from March 22, 2012. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by AK Holding. AK Steel intends to use the net proceeds from the sale of the notes to repay borrowings under its revolving credit facility. The offering is expected to close on March 22, 2012, subject to customary closing conditions. The joint book-running managers for the offering are BofA Merrill Lynch, J.P. Morgan, Citigroup, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities.