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AK Steel Holding Corp Announces Pricing of $150 Million Exchangeable Senior Notes Offering


Wednesday, 14 Nov 2012 09:00pm EST 

AK Steel Holding Corp announced that its subsidiary, AK Steel Corporation (AK Steel), has successfully priced a public offering of $150 million of 5.00% exchangeable senior notes due 2019 (the notes). AK Steel also agreed to grant the underwriters a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of notes. AK Steel will pay interest on the notes semi-annually on May 15 and November 15 of each year, beginning on May 15, 2013, at a rate of 5.00% per annum. The notes will mature on November 15, 2019. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by AK Holding. Upon exchange of the notes, AK Steel will pay cash up to the aggregate principal amount of the notes to be exchanged and pay or deliver, as the case may be, cash, shares of AK Holding common stock or a combination of cash and shares of AK Holding common stock. The notes will mature on November 15, 2019. 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 asset-backed revolving credit facility and for general corporate purposes. The offering is expected to close on November 20, 2012. The joint book-running managers for the offering are Credit Suisse, J.P. Morgan, Citigroup, Wells Fargo Securities, Morgan Stanley and BofA Merrill Lynch.