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US Steel to offer up to US$350M of convertible notes

U.S. Steel Corp. plans to offer US$300 million of senior convertible notes due 2026 in a private offering and grant a 30-day option to the initial buyers to purchase up to an additional US$50 million of notes.

The company will use the net proceeds for general corporate purposes, including previously announced strategic investments and capital expenditures, it said Oct. 15.

U.S. Steel said the private offer will only be made to persons reasonably expected to be qualified institutional buyers under the Securities Act of 1933. The notes are scheduled to mature Nov. 1, 2026.