By Paul A. Harris
St. Louis, Mo., June 6 - AK Steel Corp. priced $550 million of senior notes due June 15, 2012 (B1/BB) at 99.570 on Thursday to yield 7.8125%, according to a syndicate source.
Credit Suisse First Boston was the bookrunner. Goldman Sachs & Co. was co-manager.
Proceeds from the Rule 144A deal will be used to refinance AK Steel's $550 million 9 1/8% senior notes due 2006.
The issuer is a Middleton, Ohio-based steel producer.
Issuer: AK Steel Corp.
Amount: $550 million
Maturity: June 15, 2012
Type: Senior notes
Bookrunner: Credit Suisse First Boston
Co-manager: Goldman Sachs
Coupon: 7¾%
Price: 99.570
Yield: 7.8125%
Price talk: 8% area
Spread: 280 basis points
Call features: Callable on June 15, 2007 at 103.875, 102.583, 101.292, par on June 15, 2010 and thereafter
Equity clawback: Until June 15, 2005 for 35% at 107.75
Settlement date: June 11, 2002
Ratings: Moody's: B1
| Standard & Poor's BB
|
| Rule 144A CUSIP: | 001546AF7
|
|
|
© 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.
