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US Steel (X) Retires $542M of 4% Convertible Senior Notes

March 27, 2013 9:44 AM EDT Send to a Friend
United States Steel Corporation (NYSE: X) announced that it has repurchased $541,898,000 aggregate principal amount of its 4.00% Senior Convertible Notes due 2014 (the "2014 convertible notes"), reducing the outstanding principal amount of the 2014 convertible notes to approximately $321 million.

The individually negotiated private repurchases were funded with the net proceeds from its recent public offerings of 2.75% senior convertible notes due 2019 and 6.875% senior notes due 2021 and cash. The aggregate purchase price, including accrued and unpaid interest and fees, for the convertible notes repurchased was approximately $579.7 million. The company expects to record an after-tax charge of approximately $35 million in the first quarter related mainly to the repurchase premiums.




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