Nippon Steel Sells $3.9 Billion of Bonds for US Steel Loan

Nippon Steel Corp. said it has raised 600 billion yen ($3.9 billion) from an upsized sale of convertible bonds — the biggest Japanese offering of its kind — to help repay loans taken out for its acquisition of United States Steel Corp.

Japan’s largest steelmaker sold debt mainly in Europe and Asia, it said in a filing with the nation’s finance ministry, but didn’t offer any in the US. Half of the bonds, which can be converted into stock, are set to mature in 2029 and the remainder in 2031, according to the filing.