AK Steel to price $280 million eight-year notes on Wednesday

By Paul A. Harris

Portland, Ore., Aug. 2 – AK Steel Corp. plans to price a $280 million offering of eight-year senior notes (expected ratings B3/B-) on Wednesday, trailing a late-morning conference call with investors, according to a syndicate source.

Wells Fargo Securities LLC is the left bookrunner for the public offering. Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch, Barclays, BMO Securities, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets are the joint bookrunners.

Citizens Bank, Fifth Third Bank, ING, PNC Capital Markets, Regions Bank and U.S. Bancorp Investments Inc. are the co-managers.

The notes become callable after three years at par plus 50% of the coupon.

The West Chester Township, Ohio-based steel producer plans to use the proceeds to refinance its 8 3/8% senior notes due 2022.

AK Steel produces carbon, stainless and electrical flat-rolled steel for the automotive, manufacturing and other markets.

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