AK Steel (AKS) Announces New $1 Billion, 5-Year, Revolving Credit Facility
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AK Steel (NYSE: AKS) has entered into a new $1 billion, five-year revolving credit facility with a group of lenders. Bank of America Merrill Lynch acted as the lead arranger. J.P. Morgan Securities LLC and Wells Fargo Capital Finance, LLC acted as joint co-arrangers.
The new credit facility is secured by most of the company's product inventory and accounts receivable. It replaces the company's existing $850 million credit facility, which was set to expire in February 2012 and was secured by the same classes of assets as the new credit facility. The new credit facility will provide the company with enhanced liquidity and greater financial and strategic flexibility. It will be used for general corporate purposes.
The new credit facility is secured by most of the company's product inventory and accounts receivable. It replaces the company's existing $850 million credit facility, which was set to expire in February 2012 and was secured by the same classes of assets as the new credit facility. The new credit facility will provide the company with enhanced liquidity and greater financial and strategic flexibility. It will be used for general corporate purposes.
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