By Paul A. Harris
St. Louis, Mo., June 6 - AK Steel Corp. priced $550 million of senior notes due June 15, 2012 (B1/BB) at 99.570 on Thursday to yield 7.8125%, according to a syndicate source.
Credit Suisse First Boston was the bookrunner. Goldman Sachs & Co. was co-manager.
Proceeds from the Rule 144A deal will be used to refinance AK Steel's $550 million 9 1/8% senior notes due 2006.
The issuer is a Middleton, Ohio-based steel producer.
Issuer: AK Steel Corp.
Amount: $550 million
Maturity: June 15, 2012
Type: Senior notes
Bookrunner: Credit Suisse First Boston
Co-manager: Goldman Sachs
Coupon: 7¾%
Price: 99.570
Yield: 7.8125%
Price talk: 8% area
Spread: 280 basis points
Call features: Callable on June 15, 2007 at 103.875, 102.583, 101.292, par on June 15, 2010 and thereafter
Equity clawback: Until June 15, 2005 for 35% at 107.75
Settlement date: June 11, 2002
Ratings: Moody's: B1
| Standard & Poor's BB
|
Rule 144A CUSIP: | 001546AF7
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