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U.S. Steel Prices $1.1 Billion Senior Unsecured Notes
05/17/2007 - United States Steel prices $300 million of 5.65% Senior Notes due 2013, $450 million of 6.05% Senior Notes due 2017, and $350 million of 6.65% Senior Notes due 2037.Part of the proceeds of the offering will be used to fund a portion of the company’s recently approved acquisition of Lone Star Steel.
United States Steel Corp. has priced $300 million of 5.65% Senior Notes due 2013, $450 million of 6.05% Senior Notes due 2017, and $350 million of 6.65% Senior Notes due 2037.
Earlier in the day, the company had announced its intention to offer $900 million aggregate principal amount of Senior Unsecured Notes, noting that the issuance would be subject to market and other conditions.
The company says it will use the proceeds of the offering to redeem all of the currently outstanding 9.75% Senior Notes due 2010, and to fund a portion of the Lone Star Technologies acquisition. Approved just days ago by Federal antitrust authorities, U.S. Steel’s planned acquisition of Lone Star Steel will make it the nation’s largest domestic producer of tubular steel.
The company cautions that this announcement does not constitute an offer to sell or the solicitation of an offer to buy, and there shall no sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
United States Steel has filed a registration statement, including a prospectus, with the Securities and Exchange Commission (SEC) for this offering. J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, Banc of America Securities LLC and RBS Greenwich Capital will be joint book runners for this offering.
