United States Steel Corporation $2 Billion Syndicated Asset-Based Revolving Credit Facility

Davis Polk advised the administrative agent and lead arranger, together with the joint lead arrangers, on a $2 billion senior secured asset-based revolving credit facility for United States Steel Corporation, which facility is comprised of (i) a $1.85 billion revolving credit facility and (ii) a $150 million “first-in, last-out” facility.

Founded in 1901, United States Steel Corporation is an integrated steel producer with major production operations in the United States and Central Europe. Headquartered in Pittsburgh, Pennsylvania, U.S. Steel manufacturers a wide range of value-added steel sheet and tubular products for the automotive, appliance, container, industrial machinery, construction and oil and gas industries.

The Davis Polk financing team included partner Kenneth J. Steinberg and associates David J. Kennedy and Madeleine Vella. Counsel Jeanine P. McGuinness provided sanctions advice. The tax team included counsel Ethan R. Goldman. Members of the Davis Polk team are based in the New York and Washington DC offices.