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AK Steel raising US$280M via notes issue to buy back 2022 debt

AK Steel Holding Corp. said Aug. 2 that its AK Steel Corp. unit will raise US$280 million through the issues of senior notes due in 2025.

The company will use net proceeds together with cash on hand and the borrowings under its revolving credit facility to finance the cash tender offer to buy back any and all of its outstanding 8.375% senior secured notes due in 2022.

The steel major has US$279.8 million in 2022 notes outstanding, according to S&P Global Market Intelligence data.

The company will pay US$1,046.70 per US$1,000 face value of the 2022 notes it will accept for repurchase until Aug. 8.

The settlement of the notes tender is expected to occur Aug. 9.

AK Steel's net sales increased 4% year over year to US$1.56 billion in the second quarter of 2017, while shipments dropped 6% to 1.5 million tons.

Wells Fargo Securities, Deutsche Bank, Goldman Sachs & Co. LLC, BofA Merrill Lynch, Barclays, BMO Capital Markets, Citigroup, Credit Suisse and KeyBanc Capital Markets are the joint book-running managers for the offering.