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AK Steel offers shares, bonds to fund $700M Michigan plant purchase

2014-09-08 17:23:06| Steel - Topix.net

AK Steel Holding Corp. is issuing 35 million shares of common stock and offering $430 million in bonds to finance its $700 million acquisition of Severstal Dearborn LLC in Michigan. The West Chester-based steelmaker on Monday said any additional proceeds from the two would repay borrowings under its asset-backed revolving credit facility and be used for general corporate purposes.

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