AK Steel Holding closed a credit facility with Bank of America as administrative agent, consisting of a $1.285 billion asset-based revolver and a $65 million “first-in, last-out” asset-based facility.

According to a related 8-K filing, JPMorgan Chase Bank and Wells Fargo Capital Finance served as co-syndication agents. Deutsche Bank Securities and Fifth Third Bank were co-documentation agents. Bank of America, JPMorgan Chase Bank and Wells Fargo Capital Finance served as joint lead arrangers and co-book managers.

The facility includes a $100 million swingline sublimit and a $300 million letter of credit sublimit. The agreement also provides that, under certain circumstances, at the company’s request, the revolving credit line may be increased by up to $400 million, up to $100 million of which may be incurred under a foreign incremental revolving credit facility by subsidiaries of the borrower organized under the laws of Canada, England and Wales, the Netherlands or Germany.

The company will use borrowings under the facility for working capital and general corporate purposes.