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AK Steel talks $430 million seven-year notes to yield in 7½% area; pricing Wednesday
By Paul A. Harris
Portland, Ore., Sept. 10 – AK Steel Corp. talked its $430 million public offering of seven-year senior notes (Caa1/B-) to yield in the 7½% area, according to a syndicate source.
Books close at 2 p.m. ET Wednesday. The deal is set to price after 4:30 p.m. ET, following the pricing of the concurrent offering of common stock.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners.
The notes become callable after three years at par plus 50% of coupon and feature a three-year 35% equity clawback and a 101% poison put.
The West Chester, Ohio-based integrated steel producer plans to use the proceeds to finance the acquisition of the Dearborn integrated steel mill from Severstal North America.
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