AK Steel Reports Final Results of Cash Tender Offer, Consent Solicitation
05/25/2010 - AK Steel announced that $321.3 million in aggregate principal amount of the 7 3/4% Senior Notes due 2012 were validly tendered prior to expiration of the company’s cash tender offer and consent solicitation on May 21, 2010.
AK Steel announced that $321.3 million in aggregate principal amount of the 7 3/4% Senior Notes due 2012 were validly tendered prior to expiration of the company’s cash tender offer and consent solicitation on May 21, 2010. AK Steel has accepted for purchase all Notes that were validly tendered prior to the Expiration Time.
The Bank of New York Mellon Trust Company, N.A. delivered notice on May 12, 2010, to all holders of outstanding Notes calling for the redemption of Notes that remain outstanding following completion of the Cash Tender Offer. Redemption is expected to occur on or after June 15, 2010.
AK Steel retained Credit Suisse Securities (USA) LLC and Banc of America Securities LLC to serve as the dealer managers and solicitation agents for the Cash Tender Offer.
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets. The company employs about 6200 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pa.; Ashland, Ky.; Rockport, Ind.; 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, Ind. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets.
