United States Steel Corporation Announces Pricing of Upsized Senior Notes Offering
08 Fevereiro 2021 - 07:13PM
Business Wire
United States Steel Corporation (NYSE: X) (the “company” or “U.
S. Steel”) today announced the pricing of its upsized $750 million
aggregate principal amount of 6.875% senior notes due 2029 (the
“Notes”). The size of the offering was upsized from $500 million to
$750 million aggregate principal amount of Notes. The Notes will be
issued at a price equal to 100% of their face value. The Notes will
pay interest semi-annually in arrears on March 1 and September 1 of
each year beginning on September 1, 2021, and will mature on March
1, 2029, unless earlier redeemed or repurchased. The offering is
expected to close on February 11, 2021.
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 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.
The Notes are being offered and sold pursuant to an effective
automatic shelf registration statement on Form S-3 previously filed
with the Securities and Exchange Commission (“SEC”). Before you
invest, you should read the prospectus supplement related to this
offering and accompanying prospectus in that registration statement
and other documents filed with the SEC for more information about
the company and this offering. You may obtain these documents free
of charge by visiting the SEC’s website at www.sec.gov. Copies of
the prospectus supplement and accompanying prospectus for the
offering may also be obtained from: Credit Suisse, 6933 Louis
Stephens Drive, Morrisville, North Carolina 27560, Attention:
Prospectus Department, usa.prospectus@credit-suisse.com,
1-800-221-1037 (toll free).
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.
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words such as,
but not limited to, “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “could,” “may,” “will,” “should,”
and similar expressions are intended to identify forward-looking
statements. All forward-looking statements, including with respect
to the offering described herein, rely on a number of assumptions,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside U. S. Steel’s control that could cause actual
results to differ materially from those reflected in such
statements. Accordingly, U. S. Steel cautions that the
forward-looking statements contained herein are qualified by these
and other important factors and uncertainties that could cause
results to differ materially from those reflected by such
statements. For more information on additional potential risk
factors, please review U. S. Steel’s filings with the SEC,
including, but not limited to, U. S. Steel’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and its Current Reports on
Form 8-K.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210208005896/en/
John O. Ambler Vice President Corporate Communications T – (412)
477-1719 E – joambler@uss.com Kevin
Lewis Vice President Investor Relations T – (412) 433-6935 E –
klewis@uss.com
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