AK Steel to Redeem Senior Secured Notes
04/17/2004 -
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AK Steel to Redeem Senior Secured Notes
April 17, 2004 — AK Steel said today that on May 21, 2004, it will redeem the remaining $62.5 million principal amount of its Senior Secured Notes Due December 2004.
The notes were part of an original $250 million issue that provided a portion of the financing for the construction of the company's Rockport Works in southwestern Indiana, which began operations in 1998.
AK Steel said it was redeeming the notes as part of its plan to reduce debt with a portion of the proceeds of its recent sales of Greens Port Industrial Park on the Houston Ship Channel and Douglas Dynamics LLP, a maker of snow and ice control equipment.
Headquartered in Middletown, Ohio, AK Steel employs about 8,800 men and women. With steel operations in Ohio, Kentucky, Indiana and Pennsylvania, and tube operations in Ohio and Indiana, the company primarily serves automotive, appliance, construction and manufacturing markets.
