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US Steel cuts debt by US$483.9M after notes buyback

U.S. Steel Corp. closed the cash tender offer to buy back its 8.375% senior secured notes due 2021 with about US$483.9 million aggregate principal amount of the notes validly tendered for repurchasing, the company said March 20.

An additional US$15.2 million of the notes remain subject to guaranteed delivery procedures, and the company will redeem the remaining outstanding notes April 12. Holders of these remaining notes will receive the "make-whole" redemption price plus accrued and unpaid interest.

The buyback program was funded through a US$650 million offering of 6.250% senior notes due 2026.