AK Steel tenders for 7 5/8% notes due 2020 at 102.125 until Wednesday

By Susanna Moon

Chicago, March 16 – AK Steel Holding Corp. said subsidiary AK Steel Corp. began a cash tender offer for its 7 5/8% senior notes due 2020.

The purchase price will be $1,021.25 per $1,000 principal amount plus accrued interest up to but excluding the repurchase date.

The tender offer will end at 5 p.m. ET on March 22.

Tendered notes may be withdrawn before the end of the offer.

AK Steel plans to redeem any notes that remain outstanding after the tender, according to a company announcement.

The issuer plans to price $400 million principal amount of senior notes due 2027 with proceeds slated to help finance the tender offer.

BofA Merrill Lynch (980 388-3646 or 888 292-0070) is the dealer manager. Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or gbsc-usa.com/AKSteel/) is the information agent and depositary.

AK Steel is a West Chester, Ohio-based maker of flat-rolled carbon, stainless and electrical steel products.

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