United States Steel Corporation Announces Proposed Senior Convertible Notes
And Senior Notes Offerings
PITTSBURGH, March 20, 2013
PITTSBURGH, March 20, 2013 /PRNewswire/ --United States Steel Corporation
(NYSE: X) today announced its intention to offer, subject to market and other
conditions, $250 million aggregate principal amount of senior convertible
notes due 2019 and $250 million aggregate principal amount of senior notes due
2021 in concurrent registered public offerings. The Company also expects to
grant the underwriters a 30-day option to purchase up to an additional $37.5
million aggregate principal amount of senior convertible notes, solely to
cover over-allotments, if any. Neither the completion of the senior
convertible notes offering nor the senior notes offering will be contingent on
the completion of the other.
The Company intends to use the net proceeds from the offerings for repurchases
or repayment of indebtedness, focusing on near-term maturities, and any
remaining proceeds for general corporate purposes.
The convertible notes will mature on April 1, 2019. Prior to October 1, 2018,
the convertible notes will be convertible only upon the occurrence of certain
events and during certain periods, and thereafter, at any time until the
second scheduled trading day preceding the maturity date. Upon conversion,
U.S. Steel will pay or deliver cash, shares of U.S. Steel common stock or a
combination of cash and shares of U.S. Steel common stock, at its election.
J.P. Morgan Securities LLC, Barclays Capital Inc., Goldman, Sachs & Co., and
Morgan Stanley & Co. LLC are the joint book-runners for these offerings.
The offerings will be made pursuant to the Company's shelf registration
statement filed with the Securities and Exchange Commission on February 15,
2013. Copies of the preliminary prospectus supplements and accompanying
prospectus meeting the requirements of Section 10 of the Securities Act of
1933, as amended, may be obtained from: J.P. Morgan Securities LLC c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York
11717 or by telephone at (866) 803-9204; Barclays Capital Inc. c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone
at (888) 603-5847 or email: Barclaysprospectus@broadridge.com; Goldman, Sachs
& Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, or by
telephone at (866) 471-2526, facsimile: (212) 902-9316 or e-mail:
firstname.lastname@example.org; or Morgan Stanley & Co. LLC, Attn: Prospectus
Department, 180 Varick Street, Second Floor, New York, NY 10014, or by
telephone at (866) 718-1649 or email: email@example.com.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of any of the securities 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
This release contains forward-looking statements with respect to market
conditions and proposed offerings. In accordance with "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995, cautionary statements
identifying important factors, but not necessarily all factors, that could
cause actual results to differ materially from those set forth in the
forward-looking statements have been included in the prospectuses for these
offerings, the Form 10-K of U. S. Steel for the year ended December 31, 2012,
and in subsequent filings for U. S. Steel.
For more information on United States Steel visit www.ussteel.com
SOURCE United States Steel Corporation
Contact: Courtney Boone,Media, +1-412-433-6791, or Dan Lesnak,
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