AK Steel gets new $1B credit facility

AK Steel closed on a new $1 billion, five-year revolving credit facility.
Bank of America Merrill Lynch acted as the lead arranger of the facility and other lenders include J.P. Morgan Securities LLC and Wells Fargo Capital Finance LLC, according to a press release.
AK Steel said the new line of credit is secured by product inventory and accounts receivable. It replaces an existing $850 million facility that was set to expire in February 2012. AK Steel said the new credit gives it better liquidity and financial...

Source: http://feeds.bizjournals.com/~r/bizj_cincinnati/~3/gPS8Wn_q1_o/ak-steel-gets-new-1b-credit-facility.html

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