U.S. Steel expects $250 million offering of eight-year senior notes to yield in high 6% range

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., March 20 - United States Steel Corp. expects its $250 million offering of eight-year senior notes (existing ratings B1/BB) to yield in the high 6% range, a trader said on Wednesday morning.

The Pittsburgh-based integrated steel producer was scheduled to hold an investor call at 11 a.m. ET, and the deal is expected to price Wednesday.

J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners.

The Securities and Exchange Commission-registered notes will be non-callable for four years.

Proceeds will be used to repurchase or repay debt and for general corporate purposes.

There will also be a concurrent $250 million offering of convertible securities.

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