WASHINGTON (dpa-AFX) - AK Steel Holding Corporation (AKS) said Monday that its subsidiary, AK Steel Corporation, has successfully priced a public offering of $300 million of 8.375% senior notes due 2022.
The size was increased to $300 million from the previously announced $250 million.
For the notes, AK steel will pay a semi-annual interest on April 1 and October 1 each year. The interest on the newly issued notes will accrue from March 22, 2012. The notes will be fully and unconditionally guaranteed in a senior unsecured basis by AK Holding.
The offering is expected to close on March 22, subject to customary closing conditions.
The company said that it plans to use the proceeds from the sale to repay borrowings under its revolving credit facility.
The joint book-running managers for the offering are BofA Merrill Lynch, J.P. Morgan, Citigroup, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities.
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