United States Steel Corporation’s $1.056 Billion Senior Secured Notes Offering

Simpson Thacher represented J.P. Morgan Securities LLC and the other initial purchasers in the offering.

United States Steel Corporation’s (“U.S. Steel”) completed a private offering of $1.056 billion aggregate principal amount of 12% Senior Secured Notes due 2025. U.S. Steel intends to use the net proceeds from the offering to strengthen their balance sheet, increase liquidity and for general corporate purposes.

U.S. Steel is an integrated steel producer of flat-rolled and tubular products with major production operations in the United States and Europe. According to the World Steel Association’s latest published statistics, in 2018 U.S. Steel was the third largest steel producer in the United States and the 26th largest steel producer in the world.

The Simpson Thacher team advising the initial purchasers included Art Robinson (Picture), Roxane Reardon, Patrick Baron, Stephanie Rowan, Seth Lowinger and Frances Fuqua (Capital Markets); Mike Isby and Timothy Mulvihill (Environmental); Dennis Loiacono (Real Estate); Jeanne Annarumma and Monisha Bhayana (Executive Compensation and Employee Benefits); Lori Lesser and Corina McIntyre (Intellectual Property); Elisa Alcabes and Shanice Hinckson (Asbestos); Jonathan Cantor and Gal Shemer (Tax); Soogy Lee, Janet Nadile and Jonathan Pall (Collateral); and Andrew Pagliughi (Blue Sky). Della Fok also provided valuable assistance.

Involved fees earner: Elisa Alcabes – Simpson Thacher & Bartlett; Jeanne Annarumma – Simpson Thacher & Bartlett; Patrick Baron – Simpson Thacher & Bartlett; Monisha Bhayana – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Della Fok – Simpson Thacher & Bartlett; Frances Fuqua – Simpson Thacher & Bartlett; Shanice Hinckson – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Hyang-Sook Lee – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Dennis Loiacono – Simpson Thacher & Bartlett; Seth Lowinger – Simpson Thacher & Bartlett; Corina McIntyre – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Janet Nadile – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Stephanie Rowan – Simpson Thacher & Bartlett; Gal Shemer – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: J.P. Morgan Securities LLC;

Author: Ambrogio Visconti