May 4, 2009 (FinancialWire) — United States Steel Corp. (NYSE: X) has completed a public offering of 4% convertible senior notes and common stock for net proceeds of around $1.496 billion.

The offering included the sale of $862.5 million of 4% senior convertible notes due 2014 and 27.14 million shares of its common stock. The total sold included $112.5 million of notes and 3.54 million shares of common stock subject to the underwriters’ over-allotment options, which was exercised in full.

Pittsburgh-based U. S. Steel plans to use $655 million of the proceeds to repay all amounts outstanding under its three-year term loan due October 2010 and five-year term loan due May 2012.

It will use the remainder of the proceeds for general corporate purposes. After the offering, U. S. Steel has around 143.315 million shares of common stock outstanding.

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