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U.S. Steel buys back $541.9 million 4% convertible notes due 2014
By Jennifer Chiou
New York, March 27 - United States Steel Corp. announced the repurchase of $541,898,000 of its 4% senior convertible notes due 2014, leaving roughly $321 million outstanding.
The company used proceeds from its recent public offerings of 2.75% senior convertible notes due 2019 and 6 7/8% senior notes due 2021 and cash, according to a news release.
The Pittsburgh integrated steel producer paid an aggregate purchase price, including accrued interest and fees, of $579.7 million in the individually negotiated private repurchases.
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