Simpson Thacher Represents Initial Purchasers in $1.056 Billion Senior Secured Notes Offering by United States Steel Corporation
06.02.20
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Simpson Thacher represented J.P. Morgan Securities LLC and the other initial purchasers in connection with United States Steel Corporation’s (“U.S. Steel”) 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 included Art Robinson, 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 Lessor 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.