NEW YORK AK Steel Corp. has entered into a new $1.1-billion, five-year revolving credit facility with a group of lenders, the steelmaker said March 17.
The new credit facility, which will expire in March 2019, replaces the existing $1.1-billion credit facility that was set to expire in April 2016 and was secured by the same classes of assets as the new credit facility, the West Chester, Ohio-based company said.
The new credit facility will provide the company with enhanced liquidity and greater financial and strategic flexibility, AK Steel said. It will be used for working capital and general corporate purposes.
Charlotte, N.C.-based Bank of America Corp., New York-based JPMorgan Securities LLC and Santa Monica, Calif.-based Wells Fargo Capital Finance LLC acted as jointed lead arrangers of the credit facility.