Market Overview

AK Steel Announces Prices 22M Share Offering at $4.00/Share

AK Steel Holding Corporation (NYSE: AKS) ("AK Holding") announced today the pricing of its public offering of common stock.  AK Holding agreed to sell 22 million shares of common stock at a public offering price of $4.00 per share.  In connection with this offering, AK Holding granted the underwriters a 30-day option to purchase up to an additional 3.3 million shares of common stock.

AK Holding intends to use the net proceeds from the sale of the common stock to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes.  The offering is expected to close on November 20, 2012, subject to customary closing conditions.

Concurrently with the pricing of its offering of common stock, AK Steel Corporation ("AK Steel"), a subsidiary of AK Holding, priced a public offering of $150 million of 5.00% exchangeable senior notes due 2019.

The joint book-running managers for the offering are J.P. Morgan, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities and Goldman, Sachs & Co.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the common stock in the offering, nor shall there be any

See full press release

Posted-In: News Guidance Asset Sales Management Stock Split Global

 

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