U.S Steel’s $1 Billion Senior Secured Notes Private Offering

Milbank LLP advised United States Steel Corporation on the deal.

U.S Steel closed a $1,056,357,000 private offering of 12.000% Senior Secured Notes due 2025.

The notes are fully and unconditionally guaranteed on a senior secured basis by all of U. S. Steel’s existing and future direct and indirect subsidiaries, other than certain excluded subsidiaries.

Additionally, the notes and the note guarantees are secured by first-priority liens, subject to permitted liens, on substantially all of U.S. Steel’s and the guarantors’ assets, other than certain excluded assets. U.S. Steel intends to use the net proceeds from the offerings to strengthen its balance sheet, increase liquidity and for general corporate purposes.

U. S. Steel, headquartered in Pittsburgh, Pennsylvania, is a leading integrated steel producer and Fortune 250 company with major operations in the United States and Central Europe.

The Milbank team was led by James Ball (Picture), along with Teresa Chen and Sam Badawi and associates Theo Hart, Pablo Richards, Delia Solomon, Lauren Salter, Andi Hasaj, Gahee Lee and Nicole Rose, partner Michael Bellucci, associates Chris Kwan and Annaliese Snodgrass, partner Andrew Walker and associate David Hanno.

Involved fees earner: Husam Badawi – Milbank; James Ball – Milbank; Michael Bellucci – Milbank; Teresa Chen – Milbank; David Hanno – Milbank; Theodore Hart – Milbank; Andi Hasaj – Milbank; Christopher Kwan – Milbank; Gahee Lee – Milbank; Pablo Richards – Milbank; Nicole Rose – Milbank; Lauren Salter – Milbank; Annaliese Snodgrass – Milbank; Delia Solomon – Milbank; Andrew Walker – Milbank;

Law Firms: Milbank;

Clients: United States Steel Corp;

Author: Ambrogio Visconti