AK SteelHolding Corp. said April 28 that it is selling 52,000,000 of itscommon shares at US$4.40 per share, to raise US$228.8 million.
Net proceeds will be used to repay outstanding borrowings underAK Steel's US$1.5 billion asset-based revolving credit facility.
The offering is expected to close on May 4, subject tocustomary closing conditions.
Underwriters have a 30-day option to purchase up to anadditional 7,800,000 shares.
Credit Suisse, Citigroup, Goldman, Sachs & Co., BofAMerrill Lynch, Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securitiesare acting as joint book-running managers.