United States Steel Corporation Announces Results of Tender Offer for Any and All of Its 8.375% Senior Secured Notes Due 2021...
21 March 2018 - 7:30AM
United States Steel Corporation (NYSE:X) (the “Company” or “U. S.
Steel”) announced today the results of the previously announced
tender offer for any and all of its 8.375% Senior Secured Notes due
2021 (the “Notes”) which commenced on March 13, 2018 and expired at
5:00 p.m., New York City time, on March 19, 2018 (the “Expiration
Date”).
According to information provided by D.F. King & Co., Inc.,
the Tender Agent and Information Agent for the tender offer,
$483,912,000 aggregate principal amount of the Notes were validly
tendered and not validly withdrawn prior to or at the Expiration
Date, and the Company has accepted for purchase all such Notes.
D.F. King & Co., Inc. has also advised that an additional
$15,178,000 aggregate principal amount of Notes remain subject to
guaranteed delivery procedures. The Company expects the payment for
the accepted Notes to be made today, March 20, 2018 (or March 22,
2018, for Notes tendered by guaranteed delivery).
As previously announced, the Company will redeem on April 12,
2018 the Notes that remain outstanding upon completion of the
tender offer. Holders of such Notes will receive the
“make-whole” redemption price as calculated and provided for under
the indenture governing the Notes, and accrued and unpaid interest
will be paid to, but excluding, the date of redemption.
The Company retained J.P. Morgan Securities LLC and Credit
Suisse Securities (USA) LLC to serve as dealer managers, directly
and through their respective affiliates, for the tender offer. J.P.
Morgan Securities LLC can be contacted at 212-834-3424 or toll free
at 866-834-4666 and Credit Suisse Securities (USA) LLC can be
contacted at 212-538-1862 or toll free at 800-820-1653. The Company
retained D.F. King & Co., Inc. to act as the tender agent and
information agent in respect of the tender offer. D.F. King &
Co., Inc. can be contacted at 800-848-3402, 212-269-5550 or
uss@dfking.com.
This announcement does not constitute an offer to buy or the
solicitation of an offer to sell any securities in any jurisdiction
or in any circumstances in which such offer or solicitation 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 U. S. Steel’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 Securities and Exchange
Commission, including, but not limited to, U. S. Steel’s Annual
Report on Form 10-K and its Current Reports on Form 8-K.
United States Steel Corporation, headquartered
in Pittsburgh, Pa., is a leading integrated steel producer and
Fortune 300 company with major operations in the United States and
Central Europe. For more information about U. S. Steel,
please visit www.ussteel.com.
CONTACT:
MEDIAMeghan CoxManagerCorporate CommunicationsT – (412)
433-6777E – mmcox@uss.com
INVESTORS/ANALYSTSDan Lesnak General ManagerInvestor RelationsT
– (412) 433-1184E – dtlesnak@uss.com
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