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Issuer Free Writing Prospectus |
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Registration Statement No. 333-146063
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Dated September 14, 2007 |
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Filed Pursuant to Rule 433 |
FOR IMMEDIATE RELEASE:
September 24, 2007
USEC Announces Pricing of Public Offering of
Common Stock and 3.0% Convertible Senior Notes due 2014
BETHESDA, Md. USEC Inc. (NYSE: USU) announced today that it has priced its registered
public offering of 20 million shares of common stock at $9.76 per share, which was the closing
price of USECs common stock on September 24, 2007. USEC has granted the underwriters a 30-day
option to purchase up to an additional 3 million shares of its common stock.
USEC also announced that it has concurrently priced its registered public offering of $500
million aggregate principal amount of 3.0% convertible senior notes due 2014. The Company has
granted the underwriters a 30-day option to purchase up to $75 million aggregate principal amount
of the convertible senior notes.
The convertible senior notes will pay interest semiannually at a rate of 3.0% per annum until
October 1, 2014. The notes will be convertible at an initial conversion rate of 83.64 shares of
common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion
price of $11.96 per common share. The initial conversion price represents a 22.5% premium over the
closing sale price of the Companys common stock on September 24, 2007.
The securities are being offered pursuant to the Companys effective shelf registration
statement filed with the Securities and Exchange Commission (SEC) on September 14, 2007. The
offerings are expected to close on September 28, 2007, subject to customary closing conditions.
The concurrent offerings are expected to generate aggregate net proceeds of approximately
$673.1 million (or approximately $774.5 million if the underwriters exercise their options in
full). USEC intends to use the proceeds from the offerings to fund the development, demonstration
and deployment of its American Centrifuge project and for general operating expenses and working
capital requirements.
Goldman, Sachs & Co. and Merrill Lynch & Co. acted as joint book runners for the common stock
offering. Wachovia Securities, Jefferies & Company and Natixis Bleichroeder Inc. served as
co-managers. Goldman, Sachs & Co. and Wachovia Securities acted as joint book runners for the
notes offering and Merrill Lynch & Co. served as co-manager.
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USEC Announces Pricing of Public Offering of Common Stock
Page 2 of 2
USEC Inc. has filed a registration statement (including a prospectus dated September 14,
2007 and preliminary prospectus supplements dated September 14, 2007) with the SEC for its offering
of shares of its common stock and convertible debt securities and will file with the SEC final
prospectus supplements for each such offering. Before you invest in either offering, you should
read the prospectus in that registration statement as well as the relevant prospectus supplement
and other documents the issuer has filed with the SEC for more complete information about the
issuer and the offerings. You may get these documents for free by visiting EDGAR on the SEC web
site at www.sec.gov. Copies of the prospectus and prospectus supplements relating to the offerings
may also be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attention:
Prospectus Department (212-902-1171); Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World
Financial Center, New York, NY 10080, Attention: Prospectus Department (4th Floor); or Wachovia
Securities Equity Syndicate Department, 375 Park Avenue, 4th Floor, New York, NY 10152,
or by e-mail at equity.syndicate@wachovia.com
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for
commercial nuclear power plants.
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Contacts: |
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Investors:
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Steven Wingfield 301-564-3354 |
Media:
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Elizabeth Stuckle 301-564-3399 |