AK Steel is completing repayment of $450 million in debt by redeeming $150 million in senior notes.
The Middletown-based manufacturer announced Tuesday it would finish paying off the senior notes due by February 2009. The company previously redeemed $225 in senior notes in March and $75 million in May.
The redemption is funded through AK Steel's cash reserves and will be completed by August. The company said it expects to incur a $600,000 hit in its third quarter that will be offset by interest-related benefits of $5.8 million through 2008 as a result of the early payoff.
AK Steel Holding Corp. (NYSE:AKS) makes flat-rolled carbon, stainless and electrical steel products, and carbon and stainless tubular steel products at mills in Mansfield, Coshocton, Zanesville and at four other plants in Ohio, Indiana and Kentucky.
No comments:
Post a Comment