By Paul A. Harris
Portland, Ore., May 27 – ArcelorMittal priced $1 billion of non-callable senior notes (Ba1/BB/BB+) in two tranches on Wednesday, according to an informed source.
The deal included $500 million of five-year notes, which priced at par to yield 5 1/8%. The yield printed 12.5 basis points beneath the low end of the 5¼% to 5½% yield talk.
The deal also included a $500 million tranche of 10-year notes, which priced at par to yield 6 1/8%. The yield printed at the tight end of yield talk in the 6¼% area.
Global coordinator J.P. Morgan Securities LLC will bill and deliver.
BofA Merrill Lynch, Citigroup and Deutsche Bank Securities Inc. were joint bookrunners.
The Luxembourg-based steel producer plans to use the proceeds to repay debt, including the early redemption of its 4½% senior notes due August 2015.
| Issuer: | ArcelorMittal
|
| Amount: | $1 billion
|
| Securities: | Senior notes
|
| Global coordinator: | J.P. Morgan Securities LLC (bill and deliver)
|
| Joint bookrunners: | BofA Merrill Lynch, Citigroup, Deutsche Bank Securities Inc.
|
| Call protection: | Non-callable
|
| Trade date: | May 27
|
| Settlement date: | June 1
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | June 1, 2020
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 359 bps
|
| Price talk: | 5¼% to 5½%
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | June 1, 2025
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 399 bps
|
| Price talk: | 6¼% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
