United States Steel Corporation Announces Senior Secured Notes Offering
21 May 2020 - 7:35AM
United States Steel Corporation (NYSE: X) (the “company” or “U.S.
Steel”) today announced that it has commenced, subject to market
conditions, an offering of $700 million aggregate principal amount
of senior secured notes due 2025 (the “notes”).
U.S. Steel intends to use the net proceeds
from the offering to strengthen its balance sheet, increase
liquidity and for general corporate purposes.
The notes will be fully and unconditionally
guaranteed on a senior secured basis by all of the company’s
existing and future direct and indirect subsidiaries, other than
certain “excluded subsidiaries.” Additionally, the notes and the
note guarantees will be secured by first-priority liens, subject to
permitted liens, on substantially all of the company’s and the
guarantors’ assets, other than certain “excluded assets.”
The notes 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 unless pursuant to registration under
the Securities Act, or 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 persons reasonably believed to be “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 neither an offer to sell
nor a solicitation of an offer to buy any securities, including the
notes, nor shall it constitute an offer, solicitation or sale of
any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
ABOUT U.S. STEELUnited States
Steel Corporation, headquartered in Pittsburgh, Pa., is a leading
integrated steel producer and Fortune 250 company with major
operations in the United States and Central Europe.
FORWARD-LOOKING STATEMENTSThis
press release contains “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, including with respect to the
offering described herein, 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 additional potential risk
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, Quarterly Reports on Form 10-Q and its Current Reports
on Form 8-K.
CONTACTS: |
|
Media |
Investors/Analysts |
John O. Ambler |
Kevin Lewis |
Vice President |
Vice President |
Corporate Communications |
Investor Relations |
T - (412) 433-2407 |
T - (412) 433-6935 |
E - joambler@uss.com |
E - klewis@uss.com |
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