AK Steel unit tenders for 8 3/8% notes due 2022 via $280 million issue

By Susanna Moon

Chicago, Aug. 2 – AK Steel Holding Corp. said subsidiary AK Steel Corp. is tendering for its 8 3/8% senior notes due 2022 using proceeds of a new issue of notes.

The purchase price will be $1,046.70 per $1,000 principal amount of notes tendered by 5 p.m. ET on Aug. 8.

Holders also will receive accrued interest to but excluding the settlement date of Aug. 9.

AK Steel plans to price $280 million principal amount of senior notes due 2025 guaranteed by AK Holding, according to a company announcement.

Tendered notes may be withdrawn before the end of the offer.

AK Steel said it plans to redeem any notes that remain outstanding after the offer.

Wells Fargo Securities (704 410-4760 or 866 309-6316) is the dealer manager. Global Bondholder Services Corp. (212 430-3774 or toll free 866 470-4500 or gbsc-usa.com/AKSteel/) is the information agent and depositary.

The issuer is a West Chester, Ohio-based steel producer.

© 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.