Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Paydowns > Headlines for Alto Palermo SA > News item |
United States Steel borrows $800 million under $2 billion revolver
By Sarah Lizee
Olympia, Wash., March 27 – United States Steel Corp. said it issued a borrowing notice for an additional $800 million under its $2 billion revolving credit facility maturing in 2024, according to an 8-K filing with the Securities and Exchange Commission.
The borrowing is being made as a precautionary measure in order to increase the company’s cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the impact of the global coronavirus outbreak.
The proceeds from the incremental borrowing will be held on the corporation’s balance sheet within the cash and cash equivalents line. Proceeds may in the future be used for general corporate purposes, including working capital needs, and other purposes permitted by the credit agreement.
As of March 23, the company had already borrowed $700 million under the facility.
U.S. Steel is an integrated steel producer based in Pittsburgh.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.