AK Steel common stock offering to close Tuesday

Business
May 3, 2016
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AK Steel Holding Corporation, the parent company of AK Steel Corporation, announced last Thursday the pricing of its public offering of common stock.

AK Holding agreed to sell 52 million shares of its common stock at a public offering price of $4.40 per share. In connection with this offering, AK Holding has granted the underwriters a 30-day option to purchase up to an additional 7,800,000 shares of common stock.

AK Holding intends to use the net proceeds from the sale of the common stock to repay outstanding borrowings under AK Steel’s $1.5 billion asset-based revolving credit facility.

The offering is expected to close Tuesday, subject to customary closing conditions.

Credit Suisse, Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers. The co-managers for the offering are BTIG, Fifth Third Securities, ING, PNC Capital Markets LLC and Regions Securities LLC.

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