.gif?width=220&height=200&mediaprotectionhash=b13da841472e6e7ed500ee35df2a350aaf53d75246118b33ea2095cc7e9a3fc4&ext=.gif)
U. S. Steel Completes Offering of Common Stock, Notes
05/05/2009 - United States Steel nets nearly $1.5 billion with its just-completed public offering of $862,500,000 principal amount of 4% Senior Convertible Notes due 2014 and 27,140,000 shares of Common Stock.
United States Steel Corp. has completed its public offering of $862,500,000 principal amount of 4% Senior Convertible Notes due 2014 and 27,140,000 shares of its Common Stock. The offering included $112,500,000 aggregate principal amount of Notes and 3,540,000 shares of common stock subject to the underwriters' over-allotment options, which was exercised in full.
U. S. Steel said it will use $655 million of the approximately $1.496 billion net proceeds from he offering to repay all amounts outstanding under its three-year term loan due October 2010 and five-year term loan due May 2012.
The remainder of the proceeds will be used for general corporate purposes.
Following this offering, U. S. Steel now has approximately 143,315,000 shares of common stock outstanding.
