AK Steel to price $380 million seven-year secured notes on Tuesday, whisper is mid-to-high 7%

By Paul A. Harris

Portland, Ore., June 13 – AK Steel Holding Corp. plans to price a $380 million public offering of seven-year senior secured notes on Tuesday, according to a market source.

Initial guidance has the note coming with a yield in the mid-to-high 7% range.

BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the joint bookrunners.

The West Chester, Ohio-based producer of flat-rolled carbon, stainless and electrical steel products plans to use the proceeds, together with cash on hand and/or borrowings under its revolver, to finance a tender offer for its 8¾% senior secured notes due 2018.

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