Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for AK Steel Corp. > News item |
AK Steel gets tenders for $251.44 million 8¾% notes, calls remainder
By Angela McDaniels
Tacoma, Wash., June 20 – AK Steel Holding Corp. announced that subsidiary AK Steel Corp. received tenders for $251,443,000 principal amount of its 8¾% senior secured notes due 2018.
A tender offer for the notes began June 13 and ended at 5 p.m. ET on June 17.
All of the tendered notes were accepted for purchase, according to a company news release.
Holders will receive $1,047.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the purchase date.
AK Steel will redeem all of the notes that remain outstanding following the completion of the tender offer at a redemption price of $1,043.75 per $1,000 principal amount of notes plus accrued interest up to but excluding the redemption date, July 20.
Funding for the repurchases is coming from an offering of $380 million of new 7½% senior secured notes due 2023 and either cash on hand or borrowings under the company’s revolving credit facility.
The dealer manager is BofA Merrill Lynch (980 388-3646 or 888 292-0070). The information agent is Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or www.gbsc-usa.com/AKSteel/).
AK Steel is a West Chester, Ohio-based maker of flat-rolled carbon, stainless and electrical steel products.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.