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ArcelorMittal tenders for three series of notes due in 2017 or 2018
By Susanna Moon
Chicago, April 11 – ArcelorMittal said it is tendering for its €1 billion of notes due Nov. 17, 2017, its €500 million of notes due March 29, 2018 and its $1.5 billion of 6 1/8% notes due 2018.
The coupons have increased under an interest adjustment clause to 5 7/8% from 4 5/8% for the 2017 euro notes and to 5¾% from 4½% for the 2018 euro notes, the company noted.
The purchase price will be 108.65 for the 5 7/8% notes, or €1,086.50 per €1,000 principal amount, and 108.25 for the 5¾% notes, or €1,082.50 per €1,000 principal amount, according to a company announcement.
The tender offer for the euro notes will end at 11 a.m. ET on April 18.
The company also will pay accrued interest up to but excluding the settlement date of April 19.
Barclays Bank plc (+44 20 3134 8515), BNP Paribas (+44 20 7595 8668), Citigroup Global Markets Ltd. (+44 20 7986 8969) and J.P. Morgan Securities plc (+44 20 7779 2468) are the dealer managers for the euro notes. D.F. King (+44 20 7920 9700, +852 3953 7230 or arcelor@dfkingltd.com) is the information and tender agent.
Dollar offer
Concurrently with the offer, the company is offering to purchase for cash any and all of $1.5 billion of 6 1/8% notes due 2018, according to a 6-K filing with the Securities and Exchange Commission.
The purchase price will be 104.625, or $1,046.25 per $1,000 principal amount.
The tender offer for the dollar notes will end at 5 p.m. ET on April 18.
Holders also will receive accrued interest to but excluding the settlement date.
Tendered notes may be withdrawn at any time before the end of the offer.
The company said it will fund the offers with existing cash resources, including the proceeds of its rights offering that closed April 8.
Barclays (800 438 3242), BNP Paribas (888 210 4358), Citigroup (800 558 3745) and JPMorgan (866 834 4666) are the dealer managers for the dollar notes. D.F. King (+44 0 20 7920 9700, 800 814 4284, 212 269 5550, +852 3953 7230 or arcelor@dfkingltd.com) is the information agent and tender agent.
ArcelorMittal is a Luxembourg-based steel producer.
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