By Paul A. Harris
Portland, Ore., Jan. 8 – ArcelorMittal launched and priced a €750 million issue of 3 1/8% seven-year senior notes (Ba1/BB+/BB+) at mid-swaps plus 265 basis points on Thursday, according to a market source.
The spread came at the tight end of the 265 bps to 270 bps final spread talk. Earlier guidance was mid-swaps plus 275 bps to 280 bps.
The bonds brought a reoffer price of 99.734 and a yield of 3.168%.
The Regulation S deal, which priced on the investment-grade desk, played to €2.2 billion of demand, sources said.
Joint active bookrunner BNP Paribas will bill and deliver. Deutsche Bank, Santander and SG CIB were also joint active bookrunners.
BBVA, ING and UniCredit were passive bookrunners.
The Luxembourg-based steel producer plans to use the proceeds for general corporate purposes.
| Issuer: | ArcelorMittal
|
| Amount: | €750 million
|
| Maturity: | Jan. 14, 2022
|
| Securities: | Senior notes
|
| Active bookrunners: | BNP Paribas (bill and deliver), Deutsche Bank, Santander, SG CIB
|
| Passive bookrunners: | BBVA, ING, UniCredit
|
| Coupon: | 3 1/8%
|
| Price: | 99.734
|
| Yield: | 3.168%
|
| Spread: | Mid-swaps plus 265 bps
|
| Trade date: | Jan. 8
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 265 bps to 270 bps (initial guidance was 275 bps to 280 bps)
|
| Marketing: | Quick to market
|
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