AK Steel starts roadshow for $430 million seven-year senior notes

By Paul A. Harris

Portland, Ore., Sept. 8 – AK Steel Corp. began a roadshow on Monday for a $430 million offering of seven-year senior notes, according to a syndicate source.

The public offering is set to price during the Sept. 8 week.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of coupon and feature a three-year 35% equity clawback and a 101% poison put.

The West Chester, Ohio-based integrated steel producer plans to use the proceeds to finance the acquisition of the Dearborn integrated steel mill from Severstal North America.

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