United States Steel Corporation (NYSE:X) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On August 1, 2017, United States Steel Corporation (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several underwriters listed on Schedule I thereto, in connection with the public offering by the Company of $750 million aggregate principal amount of its 6.875% Senior Notes due 2025 (the “Notes”). The Company intends to use the net proceeds from the offering, together with cash on hand, for the redemption of its 7.00% Senior Notes due 2018, 6.875% Senior Notes due 2021, and 7.50% Senior Notes due 2022 and the payment of related fees and expenses.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company. Under the terms of the Underwriting Agreement, the Company has agreed to indemnify the underwriters against certain liabilities. The offering of the Notes is expected to close on or about August 4, 2017.
The summary of the Underwriting Agreement set forth in this Item 1.01 does not purport to be complete and is qualified in its entirety by reference to the text of the form of the Underwriting Agreement, a copy of which is being filed as Exhibit 10.1 hereto and is incorporated herein by reference.
This Current Report on Form 8-K does not constitute an offer to sell, or a solicitation of an offer to buy the Notes, or any security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
ITEM 8.01. OTHER EVENTS.
On August 1, 2017, the Company issued a press release related to the Company’s public offering of the Notes. The foregoing description is qualified in its entirety by reference to the press release, which is attached hereto as Exhibit99.1 incorporated by reference herein.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
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Exhibit Number |
Description |
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10.1 |
Underwriting Agreement, dated August 1, 2017, by and between United States Steel Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several underwriters listed on Schedule I thereto. |
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99.1 |
Press release, dated August 1, 2017. |
UNITED STATES STEEL CORP ExhibitEX-10.1 2 exhibit101-underwritingagr.htm EXHIBIT 10.1 Exhibit UNDERWRITING AGREEMENTUnited States Steel Corporation$750,…To view the full exhibit click here
About United States Steel Corporation (NYSE:X)
United States Steel Corporation (U. S. Steel) is an integrated steel producer. The Company is engaged in producing flat-rolled and tubular products with production operations in North America and Europe. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular). The Flat-Rolled segment includes the operating results of U. S. Steel’s integrated steel plants and equity investees in the United States involved in the production of slabs, rounds, strip mill plates, sheets and tin mill products, as well as all iron ore and coke production facilities in the United States. The USSE segment includes the operating results of U. S. Steel Kosice (USSK), U. S. Steel’s integrated steel plant and coke production facilities in Slovakia. The Tubular segment includes the operating results of U. S. Steel’s tubular production facilities, primarily in the United States, and equity investees in the United States and Brazil.