WEST CHESTER, Ohio,
Sept. 8, 2014 /PRNewswire/ -- AK
Steel Holding Corporation (NYSE: AKS) ("AK Holding") announced that
it has commenced a registered offering of 35,000,000 shares of its
common stock. In connection with the common stock offering, AK
Holding has granted the underwriters a 30-day option to purchase up
to an additional 5,250,000 shares of common stock. AK Holding
also announced that concurrently with its common stock offering, AK
Steel Corporation ("AK Steel"), its wholly-owned subsidiary, has
commenced a registered offering of $430
million aggregate principal amount of senior notes due 2021
(the "notes"). The notes will be fully and unconditionally
guaranteed on a senior unsecured basis by AK Holding, as well as AK
Tube LLC and AK Steel Properties, Inc., two wholly-owned
subsidiaries of AK Steel.
AK Holding and AK Steel intend to use all of the net proceeds
from the sale of the notes, plus a portion of the net proceeds from
the sale of the common stock, to pay the purchase price for AK
Steel's acquisition of Severstal Dearborn, LLC. To the extent
there are remaining net proceeds from the sale of common stock, AK
Steel intends to use such proceeds to repay borrowings under its
asset-backed revolving credit facility and for general corporate
purposes. Both offerings are being made pursuant to an
effective shelf registration statement on file with the Securities
and Exchange Commission (the "SEC").
The joint book-running managers for the common stock offering
are BofA Merrill Lynch, Credit Suisse and J.P. Morgan. The joint
book-running managers for the notes offering are Credit Suisse,
Citigroup and J.P. Morgan.
AK Holding and AK Steel have filed a registration statement
(including a prospectus) with the SEC relating to the
offerings. Each of the offerings may be made only by means of
a prospectus supplement and the accompanying prospectus.
Before you invest, you should read the relevant prospectus
supplement and accompanying prospectus and other documents AK
Holding and AK Steel have filed with the SEC for more complete
information about AK Holding, AK Steel and the relevant
offering. You may review electronic copies of these documents
for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, any underwriter or any dealer participating in
the offering will arrange to send you the prospectus supplement and
accompanying prospectus if you request them by contacting: (i) BofA
Merrill Lynch, 222 Broadway, New York,
New York 10038, Attention: Prospectus Department, email:
dg.prospectus requests@baml.com; (ii) Credit Suisse Securities
(USA) LLC, Prospectus Department,
One Madison Avenue, New York, New
York 10010, telephone: 1-800-221-1037, or email:
newyork.prospectus@creditsuisse.com; (iii) Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717,
telephone: 1-800-831-9146 or by email at Prospectus@citi.com; and
(iv) J.P. Morgan Securities LLC, Attention: Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone:
1-866-803-9204.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy the common stock or the notes in
the offerings, nor shall there be any sale of such common stock or
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.
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, 2013 and Quarterly
Report on Form 10-Q for the quarter ended June 30, 2014, as updated in its subsequent
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 is a world leader in the production
of flat-rolled carbon, stainless and electrical steel products,
primarily for automotive, infrastructure and manufacturing,
construction and electrical power generation and distribution
markets. The company's AK Tube subsidiary produces carbon and
stainless electric resistance welded tubular steel products for
truck, automotive and other markets. Headquartered in
West Chester, Ohio (Greater Cincinnati), the company employs
approximately 6,500 men and women at seven steel plants and two
tube manufacturing plants across four states: Indiana, Kentucky, Ohio and Pennsylvania. The company also
has interests in iron ore through its Magnetation LLC joint venture
and in metallurgical coal through its AK Coal subsidiary.
Additional information about AK Steel is available at
www.aksteel.com.
SOURCE AK Steel Holding Corporation