AK Steel plans to price $350 million six-year secured notes Wednesday

By Paul A. Harris

Portland, Ore., Nov. 13 - AK Steel Corp. plans to price a $350 million offering of six-year senior secured notes on Wednesday, according to a syndicate source.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC, Goldman Sachs & Co. and UBS Investment Bank are the joint bookrunners.

Fifth Third Securities Inc. and SG CIB are the co-managers.

The Rule 144A with registration rights notes become callable in three years at par plus 50% of the coupon and feature a 101% poison put.

The West Chester, Ohio-based company plans to use the proceeds to repay its existing ABL facility and for general corporate purposes.

AK Steel is an integrated producer of flat-rolled carbon, specialty stainless and electrical steels and tubular products.

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