AK Steel Obtains $300 Million Credit Facility
05/28/2004 -
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AK Steel Obtains
$300 Million Credit Facility
May 28, 2004 — AK Steel has entered into a $300 million, three-year revolving credit facility with a syndicate of lenders.
The new facility is secured by the company's accounts receivables and borrowings would be used for general corporate purposes. It includes an option of two, one-year renewals, and replaces an existing accounts receivable credit facility that was to expire on September 30, 2004. GE Capital Markets Group, Inc. is the lead arranger and GE Commercial Finance is the administrative agent for the new facility.
AK Steel also has a $400 million, five-year credit facility, secured by inventory, which expires in July 2008.
Headquartered in Middletown, Ohio, AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets.
