AK STEEL HOLDING CORPORATION (NYSE:AKS) Files An 8-K Other Events
Item8.01Other Events.
On March16, 2017 AK Steel Corporation (AK Steel), a wholly owned
subsidiary of AK Steel Holding Corporation (the Company), priced
the public offering of $400.0million aggregate principal amount
of its 7.00% Senior Notes due 2027 (the Notes). The Notes will be
fully and unconditionally guaranteed by the Company and by AK
Tube LLC, AK Steel Properties, Inc. and Mountain State Carbon,
LLC, three wholly-owned subsidiaries of AK Steel (collectively
and together with the Company, the Guarantors).
The Notes were sold in a public offering to a Registration
Statement on Form S-3, as amended (File No.333-210785) (the
Registration Statement) and a related prospectus and prospectus
supplement filed with the Securities and Exchange Commission. We
expect the offering to close on March23, 2017, subject to the
satisfaction of customary closing conditions.
AK Steel and the Guarantors entered into an underwriting
agreement, dated March16, 2017 (the Underwriting Agreement), with
Merrill Lynch, Pierce, Fenner Smith Incorporated, Wells Fargo
Securities, LLC, Citigroup Global Markets Inc. and Goldman, Sachs
Co. as the representatives of the several underwriters named
therein, in connection with the issuance and sale of the Notes
and the related guarantees. In connection with the offering of
the Notes, the Company is filing as Exhibit 1.1 hereto, and
incorporating by reference herein, the Underwriting Agreement.
AK Steel expects the net proceeds from the issuance and sale of
the notes will be approximately $394.0million after deducting the
underwriting discounts and commissions. AK Steel intends to use
the net proceeds from this offering, together with cash on hand
and/or borrowings under its revolving credit facility, to pay the
consideration for its previously announced concurrent cash tender
offer (the Cash Tender Offer) of its 7.625% senior notes due 2020
(the Existing Notes), including accrued and unpaid interest and
estimated offering expenses. If any Existing Notes remain
outstanding following the completion of the Cash Tender Offer, AK
Steel intends to use the proceeds to redeem such Existing Notes
in accordance with the terms of the Existing Notes and the
applicable indenture. The closing of the Cash Tender Offer is
contingent upon the closing of this offering, but the closing of
this offering is not contingent on the repayment or discharge of
the Existing Notes.
Item9.01. Financial Statements and Exhibits
(d) Exhibits
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Exhibit Number |
Description |
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| 1.1 |
Underwriting Agreement, dated March16, 2017, among AK Steel Corporation, as issuer, the guarantors named therein and Merrill Lynch, Pierce, Fenner Smith Incorporated, Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Goldman, Sachs Co., as representatives of the several underwriters named therein. |
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About AK STEEL HOLDING CORPORATION (NYSE:AKS)
AK Steel Holding Corporation is an integrated producer of flat-rolled carbon, stainless and electrical steels and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company operates approximately eight steelmaking and finishing plants, over two coke plants and approximately two tube manufacturing plants across states, which include Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. These operations produce flat-rolled carbon, specialty stainless and electrical steels that it sells in sheet and strip form, and carbon and stainless steel that it finishes into welded steel tubing. The Company also produces metallurgical coal through its subsidiary, AK Coal Resources, Inc. (AK Coal). In addition, the Company operates trading companies in Mexico and Europe that buy and sell steel and steel products and other materials. It sells flat-rolled carbon steel products, consisting of coated, cold-rolled, and hot-rolled carbon steel products. AK STEEL HOLDING CORPORATION (NYSE:AKS) Recent Trading Information
AK STEEL HOLDING CORPORATION (NYSE:AKS) closed its last trading session up +0.06 at 8.31 with 13,321,761 shares trading hands.