- Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)
28 4월 2010 - 7:02PM
Edgar (US Regulatory)
Filed pursuant to Rule 433
April 27, 2010
Relating to
Preliminary Prospectus Supplement dated April 26, 2010 to
Prospectus dated April 26, 2010
Registration Statement No. 333-166303
AK Steel Corporation
Pricing Term Sheet
$400,000,000 7.625% Notes due 2020
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Issuer:
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AK Steel Corporation
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Guarantee:
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The Notes will be fully and unconditionally
guaranteed on a senior unsecured basis by AK Steel
Holding Corporation, the parent of AK Steel
Corporation.
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Security Type:
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Senior Notes
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Ratings:*
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Ba3/BB
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Pricing Date:
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April 27, 2010
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Settlement Date:
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May 11, 2010 (T + 10)
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Principal Amount:
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US $400,000,000
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Maturity:
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May 15, 2020
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Benchmark:
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3.625% UST Due 02/15/2020
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Benchmark Yield:
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3.690%
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Spread to Benchmark:
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394 bps
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Coupon:
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7.625%
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Price to Public:
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100.000%
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Yield to Maturity:
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7.625%
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Interest Payment Dates:
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May 15 and November 15, commencing November 15, 2010
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Optional Redemption:
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The notes will be redeemable at AK Steels option
at any time before May 15, 2015 at a redemption
price equal to the principal amount of existing
notes being redeemed plus a make-whole premium of the
Treasury Rate as of such redemption date plus
50 basis points plus accrued and unpaid interest to
the redemption date.
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The notes will be redeemable at AK Steels option,
in whole or in part, at any time on and after May
15, 2015 at the redemption price for the notes
(expressed as a percentage of principal amount) set
forth below, plus accrued and unpaid interest to
the redemption date, if redeemed during the
twelve-month period commencing on May 15th of the
years indicated below:
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Redemption
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Year
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Price
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2015
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103.813
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2016
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102.542
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2017
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101.271
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2018 (and thereafter)
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100.000
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%
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At any time prior to May 15, 2013, AK Steel may
redeem up to 35% of the principal amount of the
notes with the proceeds of offerings of AK
Holdings shares of common stock at a redemption
price of 107.625% of the principal amount of the
notes, plus accrued and unpaid interest to the
redemption date, if any.
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CUSIP/ISIN:
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001546 AL4 / US001546AL46
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Use of Proceeds:
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We intend to use the net proceeds from this
offering, together with cash on hand, to pay the
consideration for the Cash Tender Offer plus any
consent payments and accrued and unpaid interest
and estimated offering expenses payable by us.
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Joint Book-Running
Managers:
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Credit Suisse Securities (USA) LLC
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Banc of America Securities LLC
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J.P. Morgan Securities Inc.
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Morgan Stanley & Co. Incorporated
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UBS Securities LLC
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Wells Fargo Securities, LLC
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Co-Managers:
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Fifth Third Securities, Inc.
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PNC Capital Markets LLC
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Citigroup Global Markets Inc.
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Deutsche Bank Securities Inc.
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*
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Note: A credit rating of a security is not a recommendation to buy, sell or hold securities and
may be subject to review, revision, suspension, reduction or withdrawal at any time by the
assigning rating agency.
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AK Steel Corporation and AK Steel Holding Corporation have filed a registration statement
(including a base prospectus) and a prospectus supplement with the U.S. Securities and Exchange
Commission (SEC) for the offering to which this communication relates. Before you invest, you
should read the prospectus supplement for this offering, the prospectus in that registration
statement and any other documents filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by searching the SEC online database
(EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, AK Steel Corporation, AK Steel
Holding Corporation, any underwriter or any dealer participating in the offering will arrange to
send you the prospectus supplement and prospectus if you request it by calling Credit Suisse
Securities (USA) LLC toll-free at 1-800-221-1037 or Banc of America Securities LLC Inc. toll-free
at 1-800-294-1322.
This pricing term sheet supplements the preliminary form of prospectus supplement issued by AK
Steel Corporation and AK Steel Holding Corporation on April 26, 2010 relating to its prospectus
dated April 26, 2010.
Any disclaimer or other notice that may appear below is not applicable to this communication and
should be disregarded. Such disclaimer or notice was automatically generated as a result of this
communication being sent by Bloomberg or another email system.
April 27, 2010
2
AK Steel (NYSE:AKS)
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