AK Steel to launch 65M-share offering

|About: AK Steel Holding Corporation (AKS)|By:, SA News Editor

AK Steel (NYSE:AKS) -7.2% AH after announcing a 65M-share public offering, with an underwriters option to purchase up to an additional 9.75M common shares.

AKS says it plans to use the proceeds to repay outstanding borrowings under its $1.5B asset-based revolving credit facility and for general corporate purposes.

Shares have gained 6% since announcing Q3 earnings before Tuesday's open.

Subscribe for full text news in your inbox