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U.S. Steel greenshoe exercised, ups convertibles to $316.25 million
By Tali David
Minneapolis, March 26 - Underwriters for United States Steel Corp.'s 2.75% senior convertible notes offering fully exercised their over-allotment option, adding an additional $41.25 million, according to a press release.
The company priced an upsized $275 million of the six-year convertibles on March 21. The issue size is now $316.25 million.
As previously reported, the registered offering was sold via joint bookrunners J.P. Morgan Securities Inc., Barclays, Goldman Sachs & Co. and Morgan Stanley & Co. LLC.
Proceeds will be used to repay debt and for general corporate purposes.
U.S. Steel is an integrated steel producer based in Pittsburgh.
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