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UNITED STATES STEEL CORP FILES (8-K) Disclosing Other Events

July 16, 2014



Item 8.01. Other Events.

On July 15, 2014United States Steel Corporation ("U. S. Steel") commenced a consent solicitation directed to the holders of its 2.75% Senior Convertible Notes due 2019 (the "Notes") to amend the seventh supplemental indenture dated as of March 26, 2013 (the "Seventh Supplemental Indenture") to the indenture dated as of May 21, 2007, between U. S. Steel and The Bank of New York Mellon, as trustee (the "Trustee"). The proposed amendment to the Seventh Supplemental Indenture would: (a) amend the event of default set forth in Section 6.01(v) of the Seventh Supplemental Indenture to exclude from its terms defaults on indebtedness in excess of USD 100,000,000 by subsidiaries of U. S. Steel organized in Canada, and (b) correct a defect in an information covenant. Clause (a) of the amendment needs to be approved by a majority in principal amount of all the outstanding Notes to become effective.

U. S. Steel is offering the holders of the Notes a consent fee of $2.50 per $1,000 principal amount of the Notes for Consents that are received and accepted prior to the expiration of the solicitation.

U. S. Steel is also seeking to amend two of its private borrowing facilities to change similar events of default.


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Source: Edgar Glimpses


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