Davis Polk advised Merrill, Lynch, Pierce, Fenner & Smith Incorporated as the initial purchaser in a Rule 144A/Regulation S add-on offering by AK Steel Corporation, a wholly owned subsidiary of AK Steel Holding Corporation, of $30 million aggregate principal amount of 8.750% senior notes due 2018. The add-on notes form part of the same series as the existing $350 million aggregate principal amount of 8.750% senior notes due 2018 previously issued by AK Steel Corporation. The notes are guaranteed on a senior unsecured basis by AK Steel Holding Corporation.
Based in West Chester, Ohio, AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets.
The Davis Polk capital markets team included partner Michael Kaplan and associates H. Sarah Whittington and Cherie H. Yang. The credit team included associate Adam J. Ross. Partner Samuel Dimon and associate Ethan R. Goldman provided tax advice. Counsel Loyti Cheng and associate Amy E. Turner provided environmental advice. Associates John Naughton and Ryan C. Patterson provided real estate advice. All members of the Davis Polk team are based in the New York office.
