PITTSBURGH--(BUSINESS WIRE)--United States Steel Corporation (NYSE: X) today announced its intention to offer, subject to market and other conditions, $500 million aggregate principal amount of senior notes due 2029.
On February 2, 2021, U. S. Steel issued a notice of redemption to redeem 35% or approximately $370 million aggregate principal amount outstanding of its 12.000% senior secured notes due 2025 (the “2025 Senior Secured Notes”). U. S. Steel intends to use the net proceeds from the Notes offering, together with cash on hand, to redeem the remaining approximately $687 million aggregate principal amount outstanding of its 2025 Senior Secured Notes and pay related fees and expenses.
Credit Suisse, ING, BofA Securities, Barclays, Citigroup, Goldman Sachs, J.P. Morgan, Truist Securities and Wells Fargo Securities are acting as joint book-running managers for the offering.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Founded in 1901, the United States Steel Corporation is a Fortune 250 company and leading steel producer. Together with its subsidiary Big River Steel and an unwavering focus on safety, the company’s customer-centric Best of BothSM world-competitive integrated and mini mill technology strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 26.2 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
