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AK Steel starts tender offer for 8¾% senior secured notes due 2018
New York, June 13 – AK Steel Holding Corp. announced that subsidiary AK Steel Corp. began a cash tender offer for its 8¾% senior secured notes due 2018.
The company is offering $1,047.50 per $1,000 principal amount for the securities, according to a news release.
Holders will also receive accrued interest up to but excluding the purchase date.
AK Steel added that it plans to redeem any notes that remain outstanding “promptly” after the end of the tender offer.
The expiration for the tender is 5 p.m. ET on June 17.
Funding for the repurchase will come from an offering of $380 million of new senior secured notes due 2023 that was announced on Monday morning and either cash on hand or borrowings under the company’s revolving credit facility.
BofA Merrill Lynch (980 388-3646 or 888 292-0070) is dealer manager. Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or www.gbsc-usa.com/AKSteel/) is information agent.
AK Steel is a West Chester, Ohio-based maker of flat-rolled carbon, stainless and electrical steel products.
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