AK Steel plans $30 million drive-by tap of 8¾% notes due 2018

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., June 19 - AK Steel Corp. plans to hit Wednesday's market with a $30 million add-on to its 8¾% senior secured notes due Dec. 1, 2018, according to a market source.

BofA Merrill Lynch is the bookrunner for the Rule 144A and Regulation S notes.

The notes feature a make-whole call at Treasuries plus 50 basis points until Dec. 1, 2015 and will then be callable at 104.375.

Proceeds will be used for general corporate purposes.

The West Chester, Ohio-based producer of flat rolled steel priced the original $350 million issue at par on Nov. 14, 2012.

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