United States Steel Corporation (NYSE:X) (the “Company” or “U. S.
Steel”) today announced the pricing of its $650 million aggregate
principal amount of 6.250% Senior Notes due 2026 (the
“Notes”). The Notes were issued at a price equal to 100% of
their face value. The Notes will pay interest semi-annually
in arrears on March 15 and September 15 of each year beginning
on September 15, 2018, and will mature on March 15, 2026, unless
earlier redeemed or repurchased.
The Company intends to use the net proceeds from
this offering, together with cash on hand, to fund a tender offer
for, or the redemption of, all of its outstanding 8.375% Senior
Secured Notes due 2021 and the payment of related fees and
expenses.
J.P. Morgan, BofA Merrill Lynch, Barclays, Wells
Fargo Securities, Credit Suisse, Citigroup, Goldman Sachs and
Morgan Stanley are acting as joint book-running managers for the
Notes offering.
The Notes are being offered pursuant to an
automatic shelf registration statement that became effective upon
filing with the SEC on March 3, 2016. Before making an
investment in the Notes, potential investors should read the
prospectus supplement and the accompanying prospectus for more
complete information about U. S. Steel and the offering. Potential
investors may obtain these documents for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, potential investors
can obtain copies of these documents from: J.P. Morgan, 383 Madison
Avenue, 3rd Floor, New York, New York 10179, Attn: Syndicate Desk,
hy_syndicate@restricted.chase.com, 1-800-245-8812 (toll free); BofA
Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor,
Charlotte, NC 28255-0001, Attn: Prospectus Department,
dg.prospectus_requests@baml.com, 1-800-294-1322 (toll free);
Barclays, c/o Broadridge Financial Solutions; 1155 Long Island
Avenue, Edgewood, New York 11717,
barclaysprospectus@broadridge.com, 1-888-603-5847 (toll free);
Wells Fargo Securities, 608 2nd Ave S, Suite 1000, Minneapolis, MN
55402, Attn: WFS Customer Service,
wfscustomerservice@wellsfargo.com, 1-800-645-3751 Opt 5;
Credit Suisse, One Madison Avenue, New York, NY 10010, Attention:
Prospectus Department, newyork.prospectus@credit-suisse.com,
1-800-221-1037 (toll free); Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
prospectus@citi.com, 1-800-831-9146 (toll free); Goldman Sachs
& Co. LLC, 200 West Street, New York, NY 10282, Prospectus
Department, prospectus-ny@ny.email.gs.com, 1-866-471-2526 (toll
free); Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY
10014, Attn: Prospectus Department, prospectus@morganstanley.com,
1-866-718-1649 (toll free).
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
Any offer or sale of the Notes will be made only by means of a
prospectus supplement relating to the offering of the Notes and the
accompanying prospectus.
This press release does not constitute an offer
to purchase any of the Company’s 8.375% Senior Secured Notes due
2021. Any such offer will be made exclusively pursuant to the terms
of, and subject to the conditions set forth in, an offer to
purchase related to such tender offer.
Cautionary Statement
All statements included in this press release,
other than historical information or statements of historical fact,
are "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 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 the Company’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 the potential 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 and its
Current Reports on Form 8-K.
United States Steel Corporation, headquartered in Pittsburgh,
Pa., is a leading integrated steel producer and Fortune 300 company
with major operations in the United States and Central
Europe. For more information about U. S. Steel, please visit
www.ussteel.com.
CONTACT:
MEDIAMeghan Cox ManagerCorporate CommunicationsT – (412)
433-6777E – mmcox@uss.com
INVESTORS/ANALYSTSDan Lesnak General ManagerInvestor RelationsT
– (412) 433-1184E – dtlesnak@uss.com
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