The West Chester Twp.-based company plans to use all net proceeds from the sale of the notes, plus a portion of the net proceeds from the sale of the common stock, to pay for the acquisition of Severstal Dearborn LLC. AK Steel announced plans in July to expand to Michigan and acquire the plant. Pending final regulatory approval, the $700 million deal could close by the end of September, according to the company.
AK Steel intends to use any remaining money raised from the sale of common stock to repay other borrowings and for general corporate purposes.
Shares of AK Steel stock are currently selling in the range of $10.
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