U.S. Steel Announces Redemption of Senior Notes
05/22/2007 - United States Steel has called for full redemption on June 20, 2007, all of its outstanding 9.75% Senior Notes due 2010.
United States Steel Corp. has called for full redemption on June 20, 2007, all of its outstanding 9.75% Senior Notes due 2010. The aggregate principal amount of the Senior Notes issued and outstanding is $378,500,000.
The company says it plans to fund the redemption with a portion of the proceeds from the sale of the previously announced Senior Notes offering that closed on Monday, May 21, 2007.
In accordance with the terms of the indenture, the redemption price for each of the Senior Notes is $1,048.75 plus accrued interest to, but excluding, June 20, 2007. Following the redemption, the company will take a $23-million pre-tax charge for the premium and unamortized issuance costs.
The Senior Notes are held only in book-entry form through The Depository Trust Co. (DTC). DTC will redeem the securities in accordance with its procedures.
