U.S. Steel repurchases $62 million 7 3/8% notes, 6 7/8% notes in Q3

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – United States Steel Corp. repurchased about $11 million of its 7 3/8% senior notes due 2020 for 99.25% of par and about $51 million of its 6 7/8% senior notes due 2021 at an average rate of 97.63% of par during the quarter ended Sept. 30, according to the company’s 10-Q filing with the Securities and Exchange Commission.

The repurchases were executed through a series of open market purchases.

During the quarter ended June 30, the company repurchased several tranches of its outstanding senior notes. It completed an optional redemption of its outstanding 6.05% notes due 2017 for a total of about $444 million plus a make whole premium totaling about $22 million.

Through a cash tender offer, U.S. Steel repurchased about $326 million of its 7% notes due 2018 for 107% of par, about $150 million of its 7 3/8% notes due 2020 at an average rate of 86% of par and about $23 million of its 6 7/8% notes due 2021 for 82% of par.

During the three months ended March 31, the company repurchased about $6 million of its 6.05% notes due 2017 at an average rate of 92.31% of par and about $13 million of its 7% notes due 2018 at an average rate of 87.96% of par through a series of open market purchases.

The steel company is based in Pittsburgh.

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