Current Report Filing (8-k)
February 11 2021 - 4:28PM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of report (Date of earliest event
reported): February 11, 2021 (February 8, 2021)
United
States Steel Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware
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1-16811
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25-1897152
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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600 Grant Street,
Pittsburgh, PA 15219-2800
(Address of Principal Executive Offices,
and Zip Code)
(412) 433-1121
Registrant’s Telephone Number,
Including Area Code
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communication pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Common Stock
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X
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New York Stock Exchange
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Common Stock
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X
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Chicago Stock Exchange
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01. Entry into a Material Definitive Agreement
Underwriting Agreement
On February 8, 2021, United States Steel Corporation (the “Company”)
entered into an Underwriting Agreement (the “Underwriting Agreement”) with Credit Suisse Securities (USA) LLC, as representative
of the several underwriters listed on Schedule I thereto, in connection with the public offering by the Company of $750 million
aggregate principal amount of its 6.875% Senior Notes due 2029 (the “Notes”).
The Underwriting Agreement contains customary representations,
warranties and agreements by the Company. Under the terms of the Underwriting Agreement, the Company has agreed to indemnify the
underwriters against certain liabilities. The summary of the Underwriting Agreement set forth in this Item 1.01 does not purport
to be complete and is qualified in its entirety by reference to the text of the form of the Underwriting Agreement, a copy of which
is being filed as Exhibit 1.1 hereto and is incorporated herein by reference.
Supplemental Indenture
On February 11, 2021, the Company issued the Notes pursuant
to an indenture dated as of May 21, 2007 by and between the Company and The Bank of New York Mellon (formerly known as The Bank
of New York), as trustee (the “Trustee”), a copy of which was filed as Exhibit 4.1 to the Company’s Report on
Form 8-K filed on May 22, 2007, as supplemented by a tenth supplemental indenture, dated as of February 11, 2021, by and between
the Company and the Trustee (the “Supplemental Indenture”).
The Supplemental Indenture provides for the issuance and sets
forth the terms of the Notes. A specimen copy of the Notes is attached as an exhibit to the Supplemental Indenture. The Supplemental
Indenture also contains covenants regarding the Company on liens, sale-leasebacks and mergers and consolidations. It also includes
provisions requiring the Company to offer to repurchase the Notes upon a change of control repurchase event and redemption and
other customary provisions.
In connection with the issuance of the Notes, Milbank LLP provided
the Company with the legal opinion attached to this Current Report on Form 8-K as Exhibit 5.1.
The summary of the Supplemental Indenture set forth in this
Item 1.01 does not purport to be complete and is qualified in its entirety by reference to the text of the form of the Supplemental
Indenture, a copy of which is being filed herewith as Exhibit 4.1.
This Current Report on Form 8-K does not constitute an offer
to sell, or a solicitation of an offer to buy the Notes, or any security, and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offering would be unlawful.
Item 2.03. Creation of a Direct Financial Obligation or an
Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
On February 11, 2021, the Company issued $750 million aggregate
principal amount of 6.875% Senior Notes due 2029. The Notes are senior unsecured obligations of the Company. The description of
the terms of the Notes set forth above in Item 1.01 is hereby incorporated by reference into this Item.
Item 7.01. Regulation FD Disclosure.
On February 8, 2021, the Company issued a press release announcing
that it had priced its previously announced offering of Notes. A copy of the press release is furnished as Exhibit 99.1 hereto.
In
accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 7.01 and Exhibit 99.1 is being
furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that
section, nor shall such information and exhibits be incorporated by reference into any filing under the Securities Act or the
Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01. Other Events.
On February 8, 2021, the Company delivered a conditional full
redemption notice through U.S. Bank National Association, as trustee under the indenture governing the Company’s 12.000%
Senior Secured Notes due 2025 (the “2025 Senior Secured Notes”), to the holders of the 2025 Senior Secured Notes, of
its election to redeem and pay on March 10, 2021, subject to and conditioned upon the completion by the Company of one or more
debt financings on terms reasonably satisfactory to the Company, all of the remaining principal amount outstanding of the 2025
Senior Secured Notes, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if
any, to, but excluding, the date of redemption, plus a “make-whole” premium. On February 11, 2021, the Company gave
notice that the financing condition set forth in the aforementioned conditional full redemption notice was satisfied.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
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Description
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1.1
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Underwriting Agreement, dated February 8, 2021, by and between United States Steel Corporation and Credit Suisse Securities (USA) LLC, as representative of the several underwriters listed on Schedule I thereto.
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4.1
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Tenth Supplemental Indenture, dated as of February 11, 2021, by and between United States Steel Corporation and The Bank of New York Mellon, as trustee.
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4.2
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Form of 6.875% Senior Notes due 2029 (incorporated by reference to Exhibit A to Exhibit 4.1 filed herewith)
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5.1
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Opinion of Milbank LLP.
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23.1
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Consent of Milbank LLP (included in the opinion filed herewith as Exhibit 5.1).
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99.1
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Press Release, dated February 8, 2021.
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104
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Cover page interactive data file (embedded within the inline XBRL document).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UNITED STATES STEEL CORPORATION
By:
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/s/ Manpreet S. Grewal
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Name:
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Manpreet S. Grewal
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Title:
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Vice President, Controller, and Chief Accounting Officer
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Dated: February 11, 2021
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