This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

United States Steel Corporation Announces Pricing On Senior Convertible Notes And Senior Notes Offerings

Stocks in this article: X





PITTSBURGH, March 20, 2013 /PRNewswire/ -- United States Steel Corporation (NYSE: X) today announced that it has priced its public offerings of senior convertible notes and senior notes. 

The Company announced the pricing of its public offering of $275 million aggregate principal amount of 2.75% Senior Convertible Notes due 2019 (the "Convertible Notes").  The Company has granted the underwriters a 30-day option to purchase up to an additional $41.25 million aggregate principal amount of the Convertible Notes on the same terms and conditions to cover over-allotments, if any.  The Convertible Notes will pay interest semi-annually in arrears on April 1 and October 1 of each year beginning October 1, 2013 at a rate of 2.75% per year, and will mature on April 1, 2019, unless earlier redeemed, repurchased or converted.  Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election.  The conversion rate will initially be 39.5491 shares of common stock per $1,000 principal amount of Convertible Notes (representing an initial conversion price of approximately $25.29 per share of common stock and a conversion premium of approximately 30% based on the closing price of $19.45 per share of the Company's common stock on March 20, 2013), subject to adjustment in certain circumstances.  The offerings are expected to close on March 26, 2013, subject to customary closing conditions.

The Company also announced the pricing of its public offering of $275 million aggregate principal amount of 6.875% senior notes due 2021 (the "Senior Notes").  The Senior Notes were priced at 100% of the principal amount.  The Senior Notes will pay interest semi-annually in arrears on April 1 and October 1 of each year beginning October 1, 2013, and will mature on April 1, 2021, unless earlier redeemed or repurchased.

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,380.41 +263.17 1.63%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs