US Steel Reports Proposed Senior Convertible Notes, $250M Senior Notes Offering

 United States Steel Corporation X today announced its intention to offer, subject to market and other conditions, $250 million aggregate principal amount of senior convertible notes due 2019 and $250 million aggregate principal amount of senior notes due 2021 in concurrent registered public offerings.  The Company also expects to grant the underwriters a 30-day option to purchase up to an additional $37.5 million aggregate principal amount of senior convertible notes, solely to cover over-allotments, if any.  Neither the completion of the senior convertible notes offering nor the senior notes offering will be contingent on the completion of the other. 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.