WEST CHESTER, Ohio,
May 10 /PRNewswire-FirstCall/ -- AK
Steel Holding Corporation (NYSE: AKS) ("AK Holding") announced
today that as of 5:00 p.m.,
New York City time, on
May 7, 2010 (the "Consent Date"),
approximately $320.8 million in
aggregate principal amount of the 7 3/4% Senior Notes due 2012 (the
"Notes") issued by AK Steel Corporation ("AK Steel"), a subsidiary
of AK Holding, had been tendered pursuant to AK Steel's cash tender
offer for any and all of the Notes and solicitation of consents
(the "Tender Offer"), as described in the Offer to Purchase and
Consent Solicitation Statement, dated April
26, 2010 (the "Offer to Purchase"). AK Steel has
accepted for purchase all Notes that were validly tendered and not
withdrawn prior to the Consent Date.
In addition, AK Steel has received consents from holders of
approximately 63.6% of the Notes as of the Consent Date. The
consents are sufficient to effect the proposed amendments to the
indenture governing the Notes as set forth in the Offer to
Purchase. The proposed amendments eliminate certain of the
covenants and default provisions in the indenture. AK Steel will
execute a supplemental indenture effecting the proposed amendments
to the indenture, and the supplemental indenture will be binding on
the holders of Notes not purchased in the Tender Offer.
The Tender Offer will expire at 11:59
p.m., New York City time,
on Friday, May 21, 2010, unless
extended or earlier terminated by AK Steel.
AK Steel intends, but is not obligated, after the required
notice period, to promptly redeem any Notes that remain outstanding
following the completion of the Tender Offer in accordance with the
terms of the Notes and the indenture.
AK Steel has retained Credit Suisse Securities (USA) LLC and Banc of America Securities LLC to
serve as the dealer managers and solicitation agents for the Tender
Offer. Questions regarding the Tender Offer may be directed
to Credit Suisse Securities (USA)
LLC, Liability Management Group, at (800) 820-1653 (U.S. toll-free)
and (212) 325-5912 (collect) and to Banc of America Securities
LLC, Debt Advisory Services, at (888) 292-0070 (U.S. toll-free) and
(980) 388-9217 (collect). Requests for documents may be
directed to Global Bondholder Services Corporation, the information
agent for the Tender Offer, at (866) 488-1500 (U.S. toll-free) and
(212) 430-3774 (collect).
This press release is for informational purposes only and is not
an offer to purchase, a solicitation of an offer to purchase or a
solicitation of consent with respect to the Notes or any other
securities. The tender offer and consent solicitation is
being made solely pursuant to the Offer to Purchase and the related
Letter of Transmittal and Consent, which set forth the complete
terms of the tender offer and consent solicitation.
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