U. S. Steel Announces Redemption of 10% Senior Quarterly Income Debt Securities Due 2031
30 November 2006 - 12:30AM
PR Newswire (US)
PITTSBURGH, Nov. 29 /PRNewswire/ -- United States Steel Corporation
(NYSE:X) announced today that it has called for full redemption on
January 2, 2007, (the "Redemption Date") its 10% Senior Quarterly
Income Debt Securities (the "SQUIDS") due 2031 (NYSE:XSS). The
aggregate principal amount of the SQUIDS issued and outstanding is
$49,326,575. The company plans to fund the redemption with
currently available funds. In accordance with the terms of the
indenture, the redemption price for each of the SQUIDS is the $25
principal amount, plus accrued interest to, but excluding, the
Redemption Date to holders of record on December 15, 2006. Interest
will cease to accrue on the SQUIDS after January 1, 2007. The
Company will take a pre-tax charge of approximately $3 million in
the first quarter 2007 following the redemption for unamortized
issuance costs. The SQUIDS are held only in book-entry form through
The Depository Trust Company ("DTC"). DTC will redeem the
securities in accordance with its procedures. Copies of the notice
of redemption may be obtained from The Bank of New York, the
trustee for the SQUIDS, by calling 1-800-254-2826. SQUIDS(SM) is a
service mark of Goldman, Sachs & Co. For more information about
U. S. Steel, visit http://www.ussteel.com/. DATASOURCE: United
States Steel Corporation CONTACT: Public Affairs, John Armstrong,
+1-412-433-6792, or Investors- Analysts, Nick Harper,
+1-412-433-1184, for United States Steel Corporation Web site:
http://www.ussteel.com/ Company News On-Call:
http://www.prnewswire.com/comp/929150.html
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