WEST CHESTER, Ohio,
April 27 /PRNewswire-FirstCall/ -- AK
Steel Holding Corporation (NYSE: AKS) ("AK Holding") announced
today that its subsidiary, AK Steel Corporation ("AK Steel"), has
successfully priced a $400 million
underwritten public offering of its 7 5/8% senior notes due
2020.
AK Steel will pay interest on the notes semi-annually on
May 15th and November 15th of each year, beginning on
November 15, 2010. The notes
will be fully and unconditionally guaranteed on a senior unsecured
basis by AK Holding. AK Steel intends to use the net proceeds from
the sale of the notes, together with cash on hand, to finance AK
Steel's cash tender offer and consent solicitation, announced on
April 26, 2010, for any and all of AK
Steel's outstanding 7 3/4% Senior Notes due 2012. The
offering is expected to close on May 11,
2010, subject to customary closing conditions.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy the notes in the offering, nor
shall there be any sale of such notes in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
state.
The joint book-running managers for the Offering are Credit
Suisse, BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, UBS
Investment Bank and Wells Fargo Securities. A copy of the
prospectus for the offering can be obtained from Credit Suisse at
Attention: Prospectus Department, One Madison Avenue, New York, NY 10171; BofA Merrill Lynch at
Attention: Prospectus Department, One
Bryant Park, New York, NY,
10036 (dg.prospectus_distribution@bofasecurities.com); J.P. Morgan
at J.P. Morgan Securities Inc., 383 Madison Avenue, New York, New York 10179; Morgan Stanley at
prospectus@morganstanley.com; UBS Investment Bank at Attention:
Leveraged Capital Markets, 677 Washington Blvd., Stamford, Connecticut 06901; or Wells Fargo
Securities at Wells Fargo Securities, LLC, Attention: Syndicate
Operations; 1525 West W.T. Harris Blvd., MAC D1109-010,
Charlotte, North Carolina,
28262.
Forward-Looking Statements
Some of the statements in this press release are intended to be,
and hereby are identified as "forward-looking statements" for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The company cautions readers
that such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those currently expected by management, including those risks
and uncertainties discussed in AK Steel Holding Corporation's
Annual Report on Form 10-K for the year ended December 31, 2009, AK Steel Holding Corporation's
Quarterly Reports on Form 10-Q for the quarter ended March 31, 2010. Except as required by law,
the company disclaims any obligation to update any forward-looking
statements to reflect future developments or events.
About AK Steel
AK Steel produces flat-rolled carbon, stainless and electrical
steels, primarily for automotive, appliance, construction and
electrical power generation and distribution markets. The
company employs about 6,200 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate
headquarters in West Chester,
Ohio.
AK Tube LLC, a wholly owned subsidiary of AK Steel, employs
about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces
carbon and stainless electric resistance welded (ERW) tubular steel
products for truck, automotive and other markets.
SOURCE AK Steel Holding Corporation