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ArcelorMittal offers to purchase $500 million 6 1/8% notes due 2025
By Taylor Fox
New York, Oct. 5 – ArcelorMittal offered to purchase for cash any and all outstanding $500 million 6 1/8% notes due 2025 (Cusip: 03938LAZ7), according to a news release.
The offer will expire at 5 p.m. ET on Oct. 13.
ArcelorMittal plans to pay a tender consideration of $1,170 per $1,000 of notes, plus interest, in cash.
The settlement date is expected to occur two business days after the expiration.
ArcelorMittal is also commencing an invitation to non-U.S. holders outside of the United States to tender for cash certain euro-denominated bonds. Invitations to the concurrent European offer are not open to any holder of such notes that is in the United States, a U.S. person or a U.S. resident.
The offers will be funded using existing cash resources.
The offer is being made to reduce the company’s gross debt through the early repayment and cancelation of the notes that are accepted for purchase under the offer. Similarly, the European offer is being made to reduce the company’s gross debt through the early repayment and cancellation of the euro notes that are accepted for purchase under the European offer.
BBVA Securities Inc. (+44 20 7397 6061, 800 422-8692, 212 728-2446; liabilitymanagement@bbva.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106; liabilitymanagement.europe@citi.com), HSBC Bank plc (+44 20 7992 6237, 888 472-2456, 212 525-5552; liability.management@hsbcib.com), Mizuho Securities USA LLC (+44 20 7090 6134, 866 271-7403, 212 205-7736) and Natixis (212 698-3108 nydebtcapitalmarkets@natixis.com) have been appointed to serve as dealer managers.
D.F. King (877 536-1561, 212 269-5550, +44 20 7920 9700; arcelormittal@dfkingltd.com) is the information agent and tender agent.
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