Convertibles Calendar: AK Steel to price $125 million

NOVEMBER 14

AK STEEL HOLDING CORP.: (NYSE: AKS): $125 million of seven-year exchangeable senior notes; after the market close Wednesday; talked to yield 5.25%-5.75%, up 27.5%-32.5%; concurrent offerings of 25 million shares of common stock and $350 million of senior secured straight notes; registered, off the shelf; $18.75 million greenshoe; joint bookrunners Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Morgan Stanley & Co. LLC and Bank of America Merrill Lynch; non-callable for life; change-of-control and dividend protection; net share settlement; proceeds for repaying borrowings under its credit facility and for general corporate purposes; West Chester, Ohio-based maker of carbon, stainless and electrical steels.

International Convertibles Calendar

NOVEMBER 14

DEUTSCHE EUROSHOP AG: (ETR: DEQ): €100 million of five-year convertible bonds; at par; talked to yield 1%- 1.75%, up 20%-25%; Regulation S; expected pricing Wednesday; concurrent share capital increase; proceeds to finance a shopping center acquisition in Germany for about €160 million to €190 million; planned listing on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange; Hamburg, Germany-based real estate investment company.

ON THE HORIZON

ASIA CEMENT CORP. (Taiwan: 1102): less than $300 million of euro convertible bonds; tentatively set 0% coupon and five-year maturity; proceeds to repay loans, to purchase overseas raw materials and for operating capital; Taipei, Taiwan-based cement producer.

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