AK Steel (AKS) Falls after Pricing 22M Share Offering at $4
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AK Steel Holding (NYSE: AKS) is 5.6% weaker early Thursday after announcing late Wednesday that it agreed to sell 22 million shares of common stock at a public offering price of $4.00 per share. AK Holding granted the underwriters a 30-day option to purchase up to an additional 3.3 million shares of common stock.
AK Holding intends to use the net proceeds from the sale of the common stock to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes.
AK Steel also priced a $150 million 5.00% exchangeable senior notes due 2019 offering and an offering of $350 million of 8.750% senior secured notes due 2018.
AK Holding intends to use the net proceeds from the sale of the common stock to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes.
AK Steel also priced a $150 million 5.00% exchangeable senior notes due 2019 offering and an offering of $350 million of 8.750% senior secured notes due 2018.
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