AK Steel to pay down ABL facility via common stock offering proceeds

By Wendy Van Sickle

Columbus, Ohio, Oct. 26 – AK Steel Holding Corp. plans to repay outstanding borrowings under subsidiary AK Steel Corp.’s $1.5 billion asset-based revolving credit facility with some proceeds of an offering of 65 million shares of its common stock, according to a press release.

Proceeds will also be used for general corporate purposes.

Credit Suisse, Citigroup, J.P. Morgan, BofA Merrill Lynch, Goldman, Sachs & Co. and Wells Fargo Securities are acting as joint book-running managers for the offering.

AK Steel is an integrated steel producer based in West Chester, Ohio.

© 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.