By Paul A. Harris
Portland, Ore., June 30 – ArcelorMittal launched and priced a €600 million issue of 2 7/8% six-year notes (Ba1/BB+/BB+) at a 220 basis points spread to mid-swaps on Monday, according to a market source.
The spread came on top of spread talk.
The notes came at a reoffer price of 99.182 to yield 3.026%.
The deal played to approximately €1.2 billion of orders, sources said.
Active bookrunner Barclays will bill and deliver. Credit Agricole CIB and Commerzbank were also active bookrunners.
BBVA and CM-CIC were passive bookrunners.
ArcelorMittal is a Luxembourg-based steel producer
| Issuer: | ArcelorMittal
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| Amount: | €600 million
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| Maturity: | July 6, 2020
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| Securities: | Notes
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| Active bookrunners: | Barclays (bill and deliver) Credit Agricole CIB, Commerzbank
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| Passive bookrunners: | BBVA, CM-CIC
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| Coupon: | 2 7/8%
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| Price: | 99.182
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| Yield: | 3.026%
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| Spread: | 220 bps over mid-swaps
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| Trade date: | June 30
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| Settlement date: | July 4
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| Ratings: | Moody’s: Ba1
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| Standard & Poor’s: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 220 bps
|
| Marketing: | Quick to market
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