Jefferies Upgrades AK Steel (AKS) to Buy
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AK Steel (AKS) Prices 65M Share Common Stock Offering for Proceeds of ~$318.5M
October 27, 2016 6:13 AM EDTAK Steel Holding Corporation (NYSE: AKS) announced the pricing of its public offering of common stock. AK Holding agreed to sell 65,000,000 shares of its common stock at a public offering price of $4.90 per share. In connection with this offering, AK Holding has granted 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... More
