By Paul A. Harris
Portland, Ore., March 30 – ArcelorMittal priced €900 million of senior notes (Ba1/BB/BB-) in two tranches on Monday, according to a market source.
The deal included €400 million of three-year floating-rate notes that priced at par to yield three-month Euribor plus 203 basis points. The spread came tight to spread talk in the 210 bps area.
In addition ArcelorMittal price a €500 million tranche of 3% six-year fixed-rate notes at mid-swaps plus 275 bps, at the tight end of spread talk in the 280 bps area. The fixed-rate notes sold at a reoffer price of 99.546 to yield 3.084%.
Joint bookrunner Credit Agricole will bill and deliver. Goldman Sachs International, JPMorgan and UniCredit were also joint bookrunners.
The Luxembourg-based steel producer plans to use the proceeds for general corporate purposes.
| Issuer: | ArcelorMittal
|
| Amount: | €900 million
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Agricole CIB (bill and deliver), Goldman Sachs International, JPMorgan, UniCredit
|
| Trade date: | March 30
|
| Settlement date: | April 9
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Marketing: | Quick to market
|
|
|
| Floating-rate notes
|
| Amount: | €400 million
|
| Maturity: | April 9, 2018
|
| Coupon: | Three-month Euribor plus 203 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 203 bps
|
| Price talk: | 210 bps area
|
|
|
| Fixed-rate notes
|
| Amount: | €500 million
|
| Maturity: | April 9, 2021
|
| Coupon: | 3%
|
| Price: | 99.546
|
| Yield: | 3.084%
|
| Spread: | 275 bps over mid-swaps, or 315 bps over Bunds
|
| Price talk: | Mid-swaps plus 280 bps area
|
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