PITTSBURGH, May 3, 2016 /PRNewswire/ -- United States
Steel Corporation (NYSE: X) today announced the pricing of its
$980 million aggregate principal
amount of 8.375% Senior Secured Notes due 2021 (the "Notes").
The Notes will be issued at a price equal to 100% of their face
value. The Notes will pay interest semi-annually in arrears
on January 1 and July 1 of each year beginning on January 1, 2017 and will mature on July 1, 2021, unless earlier redeemed or
repurchased.
The Company intends to use the net proceeds from the offering
for the repayment of outstanding debt, focusing on near-term
maturities, and any remaining proceeds for general corporate
purposes.
The notes proposed to be offered have not been registered under
the Securities Act of 1933, as amended (the "Securities Act"), or
any state securities laws and may not be offered or sold in
the United States or to any U.S.
persons absent registration under the Securities Act, or pursuant
to an applicable exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and
applicable state securities laws. The notes are being offered only
to "qualified institutional buyers" under Rule 144A of the
Securities Act or, outside the United
States, to persons other than "U.S. persons" in compliance
with Regulation S under the Securities Act.
This press release is issued pursuant to Rule 135c of the
Securities Act, is for informational purposes only and shall not
constitute an offer to sell nor the solicitation of an offer to buy
the notes or any other securities. The offering of the notes
will not be made to any person in any jurisdiction in which the
offer, solicitation or sale is unlawful.
Cautionary Statement
All statements included in this press release, other than
historical information or statements of historical fact, are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Words such as, but not limited to,
"believes," "expects," "anticipates," "estimates," "intends,"
"plans," "could," "may," "will," "should," and similar expressions
are intended to identify forward-looking statements. All
forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside the Company's control that could cause actual
results to differ materially from those reflected in such
statements. Accordingly, U. S. Steel cautions that the
forward-looking statements contained herein are qualified by these
and other important factors and uncertainties that could cause
results to differ materially from those reflected by such
statements. For more information on the potential factors, please
review U. S. Steel's filings with the SEC, including, but not
limited to, U. S. Steel's Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q and its Current Reports on Form 8-K.
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SOURCE United States Steel Corporation