U.S. Steel announced this Tuesday the pricing of its $980 million aggregate principal amount of 8.375% Senior Secured Notes due 2021 (the "Notes"). The Notes will be issued at a price equal to 100% of their face value. The Notes will pay interest semi-annually in arrears on January 1 and July 1 of each year beginning on January 1, 2017 and will mature on July 1, 2021, unless earlier redeemed or repurchased.
The Company intends to use the net proceeds from the offering for the repayment of outstanding debt, focusing on near-term maturities, and any remaining proceeds for general corporate purposes.
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