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AK Steel to repay credit facility borrowings via common stock offering
By Tali Rackner
Norfolk, Va., April 28 – AK Steel Holding Corp. plans to repay outstanding borrowings under its credit facility with the proceeds from a common stock offering, according to a 424B2 filing with the Securities and Exchange Commission.
The facility matures in March 2019. Tranche A loans bear interest at Libor plus 150 basis points to 200 bps and tranche B loans bear interest at Libor plus 275 bps to 325 bps. The commitment fee is 37.5 bps.
The company is offering 52 million shares of its common stock, along with a 30-day greenshoe option for up to an additional 7.8 million shares.
AK Steel is an integrated steel producer based in West Chester, Ohio.
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