AK Steel Announces Completion of Exchange Offer for Its Senior Secured Notes
WEST CHESTER, Ohio, Aug. 29, 2013
WEST CHESTER, Ohio, Aug.29, 2013 /PRNewswire/ --AK Steel Holding Corporation
(NYSE: AKS) ("AK Holding") announced today that its subsidiary, AK Steel
Corporation ("AK Steel"), has completed its offer to exchange (the "Exchange
Offer") up to $380.0 million in aggregate principal amount of its 8.750%
senior secured notes due 2018 (the "Initial Notes"), not registered under the
Securities Act of 1933, as amended, for an equal aggregate principal amount of
its registered 8.750% senior secured notes due 2018 (the "New Notes"). The
Exchange Offer expired at 5:00 p.m., Eastern Daylight Time, on August 28,
2013. All of the Initial Notes were submitted for exchange, and AK Steel has
accepted for exchange all the Initial Notes validly tendered and not withdrawn
pursuant to the Exchange Offer.
The Exchange Offer was made pursuant to Registration Rights Agreements entered
into by AK Steel and AK Holding when AK Steel issued the Initial Notes on
November 20, 2012 and June 24, 2013. AK Steel issued the Initial Notes in
private placement transactions and they were subject to transfer restrictions.
The purpose of the Exchange Offer was to allow holders of the Initial Notes
to exchange their Initial Notes for New Notes not subject to these
restrictions. AK Steel did not receive any proceeds from the Exchange Offer.
The terms of the New Notes are substantially the same as the terms of the
Initial Notes, except that the New Notes are registered under the Securities
Act of 1933, as amended, have no transfer restrictions under the federal
securities laws, no registration rights and no rights to additional interest.
This announcement does not constitute an offer to purchase or a solicitation
of an offer to sell securities. The Exchange Offer was made only pursuant to a
prospectus and the related letter of transmittal and only to such persons and
in such jurisdictions as is permitted under applicable law.
Some of the statements in this release are intended to be, and hereby are
identified as "forward-looking statements" for purposes of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. The
company cautions readers that such forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from
those currently expected by management, including those risks and
uncertainties discussed in AK Holding's Annual Report on Form 10-K for the
year ended December 31, 2012, its subsequently filed Quarterly Reports on Form
10-Q and Current Reports on Form 8-K filed with or furnished to the Securities
and Exchange Commission. Except as required by law, the company disclaims any
obligation to update any forward-looking statements to reflect future
developments or events.
AK Steel produces flat-rolled carbon, stainless and electrical steels,
primarily for automotive, infrastructure and manufacturing, construction and
electrical power generation and distribution markets. The company employs
about 6,100 men and women in Middletown, Mansfield, Coshocton and Zanesville,
Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its
corporate headquarters in West Chester, Ohio.
AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and
women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces
carbon and stainless electric resistance welded (ERW) tubular steel products
for truck, automotive and other markets.
AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, controls
and is developing metallurgical coal reserves in Somerset County,
Pennsylvania. AK Steel also owns 49.9% of Magnetation LLC, a joint venture
headquartered in Grand Rapids, Minnesota, which produces iron ore concentrate
from previously mined ore reserves.
SOURCE AK Steel
Contact: Media - Michael P. Wallner, General Manager, Communications and PR,
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