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ArcelorMittal accepts tenders for 532.45 million 2020, 2021 notes
By Sarah Lizee
Olympia, Wash., Dec. 9 ArcelorMittal announced the final results of its cash tender offers for any and all of its 600 million of 2.875% notes due July 6, 2020 and 500 million of 3% notes due April 9, 2021.
By the expiration time at 11 a.m. ET on Dec. 6, the company received 317,967,000 of tenders for the 2.875% notes and 214,484,000 of tenders for the 3% notes, according to a press release.
The company has accepted for purchase all notes tendered under the offers.
Pricing was set using a purchase yield of negative 0.25% for the 2020 notes and 0% for the 2021 notes.
The purchase price is 101.78 for the 2020 notes, plus accrued interest of 12.4112022 per 1,000 of notes, resulting in a total consideration of 1,030.21 for each 1,000 of notes.
The purchase price is 103.984 for the 2021 notes, plus accrued interest of 20.1639344 per 1,000 of notes, resulting in a total consideration of 1,060 per 1,000 of notes.
Following settlement, which is set for Dec. 11, 282,033,000 of the 2020 notes and 285,516,000 of the 2021 notes will remain outstanding.
As previously reported, the company will fund the tender offers with existing cash resources, including the proceeds of a eurobond offering that closed on Nov. 19.
The invitation is being made to reduce the companys gross debt.
Citigroup Global Markets Ltd. (+44 20 7986 8969), Credit Agricole CIB (+44 20 7214 5733), J.P. Morgan Securities plc (+44 20 7779 2468) and SMBC Nikko Capital Markets Ltd. (+44 20 3527 7545) are the dealer managers. D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231 or arcelor@dfkingltd.com) is the information and tender agent.
ArcelorMittal is a steel and mining company based in Luxembourg.
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