AK Steel Announces Offering of Senior Notes

AK Steel Holding said Wednesday its subsidiary AK Steel Corporation has initiated a registered offering of $280 million aggregate principal amount of senior notes due 2025. The new notes will be fully and unconditionally guaranteed by AK Holding, AK Steel’s direct parent, and by AK Tube LLC, AK Steel Properties, Inc. and Mountain State Carbon, LLC , three wholly-owned subsidiaries of AK Steel. The notes will be unsecured senior obligations of AK Steel and the Guarantors.

The company said it will use the net proceeds, together with cash on hand and/or borrowings under its revolving credit facility, to finance AK Steel’s cash tender offer for any and all of AK Steel’s outstanding 8.375% senior notes due 2022.

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