AK Steel (AKS) to Offer 65M Shares

October 26, 2016 4:09 PM EDT

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AK Steel Holding Corporation (NYSE: AKS) commenced a registered offering of 65,000,000 shares of its common stock. In connection with this offering, AK Holding expects to grant the underwriters a 30-day option to purchase up to an additional 9,750,000 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 and for general corporate purposes. The offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the "SEC").

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

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