AK Steel Announces $30 Million Add-On Offering of Senior Secured Notes
AK Steel Holding Corporation (NYSE: AKS) ("AK Holding") announced today that its subsidiary, AK Steel Corporation ("AK Steel"), has commenced a private offering of $30.0 million aggregate principal amount of 8.750% senior secured notes due 2018 (the "add-on notes"), which are being offered as an add-on to its outstanding $350.0 million aggregate principal amount of 8.750% senior secured notes due 2018 (the "existing notes"). The add-on notes will be treated as a single series with, and will have the same terms as, the existing notes. The add-on notes will be fully and unconditionally guaranteed on a senior basis by AK Holding and will be secured by substantially all real property, plant and equipment of AK Steel and proceeds thereof. AK Steel intends to use the net proceeds from the sale of the add-on notes for general corporate purposes.
The add-on notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any other jurisdiction. As a result, they may not be offered or sold in the United States or to any U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The add-on notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States under Regulation S under the Securities Act.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the add-on notes in the offering, nor shall there be any sale of such add-on 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.
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