20 05 2016

AK Steel's $263 Million Common Stock Offering

Davis Polk advised the representatives of the underwriters in an SEC-registered offering of 59.8 million shares of common stock of AK Steel Holding Corporation for aggregate gross proceeds of approximately $263 million.


The amount sold includes 7.8 million shares from the full exercise of the underwriters’ option to purchase additional shares. The proceeds of the offering were used to repay outstanding borrowings. Credit Suisse, Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan Wells Fargo Securities, BTIG, Fifth Third Securities, ING, PNC Capital Markets LLC Regions Securities LLC acted as representatives of the underwriters. Headquartered in West Chester, Ohio, AK Steel is a publicly traded company that produces flat-rolled carbon, stainless and electrical steel products, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company operates eight steel plants, two coke plants and two tube manufacturing plants across six states: Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. The Davis Polk corporate team included partner Michael Kaplan (Picture), counsel Jeffrey S. Ramsay and associate Julian Veshi. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. Partner Michael Farber and associate Dao Fu provided tax advice. Involved fees earner: Michael Kaplan - Davis Polk & Wardwell; Jeffrey Ramsay - Davis Polk & Wardwell; Julian Veshi - Davis Polk & Wardwell; Loyti Cheng - Davis Polk & Wardwell; Michael Comstock - Davis Polk & Wardwell; Michael Farber - Davis Polk & Wardwell; Dao Fu - Davis Polk & Wardwell;

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