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ArcelorMittal begins tender offers for €500 million 4 5/8% notes, $500 million 6½% notes
By Susanna Moon
Chicago, June 17 - ArcelorMittal said it began tender offers for the €500 million of 4 5/8% bonds due Nov. 7, 2014 issued by subsidiary ArcelorMittal Finance and the $500 million of 6½% notes due April 15, 2014 issued by ArcelorMittal USA LLC.
The total purchase price will be €1,045.75 for each €1,000 principal amount of 4 5/8% bonds and $1,038.75 for each $1,000 principal amount of 6½% notes, according to separate press releases by the company.
The total payment for the 6½% notes includes an early tender premium of $50.00 per $1,000 principal amount of notes tendered by 11:59 p.m. ET on June 28, the early tender date.
The offer for the 6½% notes will end at 11:59 p.m. ET on July 15.
Those who tender their 6½% notes after the early deadline will receive the total payment less the early premium.
The company also will pay accrued interest up to but excluding the settlement date, which will be July 1 for 6½% notes tendered by the early deadline and July 16 for 6½% notes tendered after the early date, one of the press releases noted.
Tendered 6½% notes may be withdrawn by the early tender deadline.
J.P. Morgan Securities plc (+44 0 20 7134 3414) is the dealer manager for the 4 5/8% bonds offer. J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-2452) is the dealer manager for the 6½% notes offer. D.F. King & Co., Inc. (+44 0 20 7920 9700 for 4 5/8% bondholders; 800 758-5378 or collect 212 269-5550 for 6½% noteholders) is the information agent and tender agent.
The offer is not contingent upon the tender of any minimum principal amount of notes.
The purpose of the offer is to retire all or some of the bonds before maturity, and the offer reflects the company's "robust liquidity position and forms part of the company`s proactive approach to managing its debt maturity profile, reducing gross debt and optimizing interest costs," the company said in the releases.
ArcelorMittal is a Luxembourg-based steel and mining company.
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