Long-term Debt and Other Financing

3 Months Ended

Mar. 31, 2013

The Company’s debt balances, including current portions, were as follows:



	March 31, 2013			December 31, 2012
8.75% Senior Secured Notes due December 2018	$	350.0		$	350.0
5.00% Exchangeable Senior Notes due November 2019 (effective rate of 10.8%)	150.0			150.0
7.625% Senior Notes due May 2020	550.0			550.0
8.375% Senior Notes due April 2022	300.0			300.0
Industrial Revenue Bonds due 2013 through 2030	100.6			100.9
Unamortized debt discount	(38.0		)	(39.0		)
Total debt	1,412.6			1,411.9
Less:
Current portion of long-term debt	0.7			0.7
Total long-term debt	$	1,411.9		$	1,411.2

During the period, the Company was in compliance with all the terms and conditions of its debt agreements.

Credit Facility

AK Steel has a $1.1 billion asset-backed revolving credit facility (“Credit Facility”) with a group of lenders that expires in April 2016. Availability under the Credit Facility fluctuates monthly based on the varying levels of eligible collateral. At March 31, 2013, the Company’s eligible collateral, after application of applicable advance rates, was $952.6. Availability as of March 31, 2013 was reduced by $78.2 attributable to outstanding letters of credit, resulting in remaining availability of $874.4. There were no outstanding borrowings as of March 31, 2013 or December 31, 2012, nor any borrowing during the first quarter of 2013.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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