U.S. Steel plans to price $650 million eight-year notes on Tuesday; whisper is 6 1/8%-6 3/8%

By Paul A. Harris

Portland, Ore., March 13 – United States Steel Corp. plans to price a $650 million offering of eight-year senior notes in a quick-to-market Tuesday trade, market sources say.

Initial guidance is 6 1/8% to 6 3/8%.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners for the public offering.

The notes come with three years of call protection.

The Pittsburgh-based steel producer plans to use the proceeds, together with cash on hand, to tender for or redeem all of its 8 3/8% senior secured notes due 2021.

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