U.S. Steel’s $650 Million Senior Notes Offering


Simpson Thacher represented J.P. Morgan Securities LLC and the other underwriters in connection with United States Steel Corporation’s (“U.S. Steel”) offering of $650 million aggregate principal amount of 6.25% Senior Notes due 2026.

U.S. Steel intends to use the net proceeds from the offering, together with cash on hand, to fund the repurchase of its 8.375% Senior Secured Notes due 2021 (the “2021 Senior Secured Notes”).

Simpson Thacher is also representing J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC as the dealer managers in connection with the concurrent tender offer to purchase for cash any and all of U.S. Steel’s outstanding 2021 Senior Secured Notes.

U.S. Steel is an integrated steel producer of flat-rolled and tubular products with major production operations in the United States and Europe.The company, led by David Boyd Burritt, Kevin P Bradley and Barry Melnkovic, in 2027 recorded $12.25 Billion Revenues.

The Simpson Thacher team included Andy Keller (Picture), Risë Norman, Patrick Baron and Eva Kang (Capital Markets); Mike Isby (Environmental); Jeanne Annarumma and Monisha Bhayana (Executive Compensation and Employee Benefits); Marcela Robledo and Amber Harezlak (Intellectual Property); Jonathan Cantor and John Torrenti (Tax); and Andrew Pagliughi (Blue Sky).

Involved fees earner: Andrew Keller – Simpson Thacher & Bartlett; Risë Norman – Simpson Thacher & Bartlett; Patrick Baron – Simpson Thacher & Bartlett; Eva Yunjeong Kang – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Jeanne Annarumma – Simpson Thacher & Bartlett; Monisha Bhayana – Simpson Thacher & Bartlett; Marcela Robledo – Simpson Thacher & Bartlett; Amber Harezlak – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; John Torrenti – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: JP Morgan Securities;

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Author: Ambrogio Visconti