WEST CHESTER, Ohio,
Aug. 29, 2013 /PRNewswire/ -- AK Steel Holding
Corporation (NYSE: AKS) ("AK Holding") announced today that its
subsidiary, AK Steel Corporation ("AK Steel"), has completed its
offer to exchange (the "Exchange Offer") up to $380.0 million in aggregate principal amount of
its 8.750% senior secured notes due 2018 (the "Initial Notes"), not
registered under the Securities Act of 1933, as amended, for an
equal aggregate principal amount of its registered 8.750% senior
secured notes due 2018 (the "New Notes"). The Exchange Offer
expired at 5:00 p.m., Eastern Daylight
Time, on August 28, 2013.
All of the Initial Notes were submitted for exchange, and AK
Steel has accepted for exchange all the Initial Notes validly
tendered and not withdrawn pursuant to the Exchange Offer.
The Exchange Offer was made pursuant to Registration Rights
Agreements entered into by AK Steel and AK Holding when AK Steel
issued the Initial Notes on November 20,
2012 and June 24, 2013.
AK Steel issued the Initial Notes in private placement
transactions and they were subject to transfer restrictions.
The purpose of the Exchange Offer was to allow holders of the
Initial Notes to exchange their Initial Notes for New Notes not
subject to these restrictions. AK Steel did not receive any
proceeds from the Exchange Offer.
The terms of the New Notes are substantially the same as the
terms of the Initial Notes, except that the New Notes are
registered under the Securities Act of 1933, as amended, have no
transfer restrictions under the federal securities laws, no
registration rights and no rights to additional interest.
This announcement does not constitute an offer to purchase or a
solicitation of an offer to sell securities. The Exchange Offer was
made only pursuant to a prospectus and the related letter of
transmittal and only to such persons and in such jurisdictions as
is permitted under applicable law.
Forward-Looking Statements
Some of the statements in
this 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
Holding's Annual Report on Form 10-K for the year ended
December 31, 2012, its subsequently
filed Quarterly Reports on Form 10-Q and Current Reports on Form
8-K filed with or furnished to the Securities and Exchange
Commission. Except as required by law, the company disclaims
any obligation to update any forward-looking statements to reflect
future developments or events.
AK Steel
AK Steel produces flat-rolled carbon,
stainless and electrical steels, primarily for automotive,
infrastructure and manufacturing, construction and electrical power
generation and distribution markets. The company employs
about 6,100 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.
AK Coal Resources, Inc., another wholly-owned subsidiary of AK
Steel, controls and is developing metallurgical coal reserves in
Somerset County,
Pennsylvania. AK Steel also owns 49.9% of Magnetation LLC, a
joint venture headquartered in Grand
Rapids, Minnesota, which produces iron ore concentrate from
previously mined ore reserves.
SOURCE AK Steel