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AK Steel accepts $321.3 million of 7¾% notes due 2012 in tender offer
By Susanna Moon
Chicago, May 24 - AK Steel Corp. said investors tendered $321.3 million of its 7¾% senior notes due 2012 by 11:59 p.m. ET on May 21, the offer deadline.
The company said on May 10 that it received early tenders from holders of $320.8 million of its $400 million of 7¾% notes.
The company added that it accepted the notes that were tendered prior to 5 p.m. ET on May 7, the consent deadline.
As previously noted, the company delivered a notice to holders calling all 7¾% notes that remain outstanding following its tender offer on June 15.
AK Steel had sought consents to eliminate substantially all of the restrictive covenants and events of default, and it obtained consents from holders of 63.6% of the notes, enough to amend the indenture.
The company paid $1,003.50 per $1,000 principal amount of notes, including a consent payment of $30.00 per $1,000 principal amount of notes tendered by the early deadline.
The tender offer began on April 26.
The proposed amendments required the approval of a majority of the outstanding notes.
AK Steel previously said the offer was subject to the issuance of $400 million principal amount of senior notes due 2020.
On May 11, the company settled a $400 million issue of 10-year senior notes at par to yield 7 5/8%.
The joint bookrunners for the tender offer were Credit Suisse, Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Morgan Stanley, UBS Investment Bank and Wells Fargo Securities.
Credit Suisse (800 820-1653 or 212 325-5912) and Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) were dealer managers for the tender offer. Global Bondholder Services Corp. (866 488-1500) was the information agent.
The company is a West Chester, Ohio-based producer of flat-rolled carbon, stainless and electrical steels and tubular products.
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