Steel Mills
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New Credit Facility for AK Steel
Written by Sandy Williams
March 20, 2014
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.
The credit will be used for working capital and general corporate purposes.
AK Steel reported net income of $35.2 million for the fourth quarter of 2013. The company ended the year 2013 with solid liquidity of $845 million, an increase of $33 million from its September 30, 2013 liquidity level.
For the year 2013, AK Steel reported a net loss of $46.8 million compared to a net loss of $1.0 billion in 2012.
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Sandy Williams
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