ArcelorMittal extends bond mandatory conversion date to Jan. 31, 2018

Bonds were sold in placement, convert to subsidiary’s preferred shares

By Devika Patel

Knoxville, Tenn., Nov. 23 – ArcelorMittal said it extended the conversion date of its $1 billion mandatory convertible bond. The bond was placed privately by a Luxembourg subsidiary with a Luxembourg affiliate of Credit Agricole CIB on Dec. 28, 2009.

The bond is mandatorily convertible into preferred shares of the subsidiary. The mandatory conversion date has been extended to Jan. 31, 2018.

ArcelorMittal is a Luxembourg-based steel and mining company.

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