U.S. Steel gets acceleration notice, will repay 2.75% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 25 – United States Steel Corp. received a notice of acceleration for its 2.75% senior convertible notes due 2019, according to an 8-K filing with the Securities and Exchange Commission.

The notice was received on Nov. 20 from people who say they are the beneficial owners of at least 25% of the outstanding principal amount of the convertibles.

The notice declares all principal and interest due and payable.

The company said it will pay promptly in full the outstanding principal amount of the convertibles and accrued interest once it receives documentation confirming ownership of the beneficial owners.

The outstanding principal amount of the convertibles was $118,595,000 as of Nov. 25.

The steel company is based in Pittsburgh.

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