Arcelor to redeem outstanding Oceanes

By Laura Lutz

Des Moines, Nov. 14 - Arcelor SA announced that the early redemption of its Oceanes, 3% 2017 bonds convertible into Arcelor shares.

The company plans to redeem the convertibles because the number of outstanding Oceanes is less than 10% of the original number issued.

The convertibles will be redeemed on Dec. 15 for a price equal to the principal amount plus accrued interest to Dec. 15 of 0.27055 per Oceane.

Arcelor is a Rotterdam, Netherlands-based steelmaker. It is in the process of merging with Mittal Steel Co. NV.

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