Steel Mills
March 20, 2014
New Credit Facility for AK Steel
Written by Sandy Williams
A new $1.1 billion credit facility agreement is expected to improve AK Steel liquidity and strategic flexibility. AK Steel announced the it has entered into the 5-year revolving credit facility with a group of lenders led by Bank of America NA, JP Morgan Securities LLC and Wells Fargo Capital Finance.
The new facility replaces an existing $1.1 billion facility due to expire in April 2016, both of which are secured by AK Steel’s inventory and accounts receivable. The new facility will expire in March 2019.
