ArcelorMittal communicates results for dollar, euro tender offers

Chicago, June 25 – ArcelorMittal SA published the results of its separate tender offers to buy notes from three dollar-denominated series and four euro-denominated series, according to multiple notices.

Dollar notes

The company received the following amounts of tenders in the offers to purchase for cash any and all of the following series of notes:

• $285,153,000 (including $5,863,000 via guaranteed delivery) tendered of the $750 million outstanding 3.6% notes due 2024 (Cusip: 03938LBB9) for a tender consideration of $1,076.50 per $1,000 note;

• $183,452,000 (including $484,000 via guaranteed delivery) tendered of the $256,893,000 outstanding of an original $500 million of 6 1/8% notes due 2025 (Cusip: 03938LAZ7) for $1,176 per $1,000 note; and

• $395,449,000 (including $7,369,000 via guaranteed delivery) tendered of $750 million outstanding 4.55% notes due 2026 (Cusip: 03938LBA1) for $1,130 per $1,000 note.

Interest will also be paid to tendering noteholders up to the settlement date.

The company expects to accept for purchase all notes validly tendered before the expiration time.

Dollar offer details

The offer expired at 5 p.m. ET on June 24.

Notices of guaranteed delivery, for noteholders tendering through those means, must be delivered by the expiration time.

Settlement is expected for June 29.

Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106, liabilitymanagement.europe@citi.com), Credit Agricole Securities (USA) Inc. (866 807-6030, 212 261-7802, us.liabilitymanagement@ca-cib.com), Goldman Sachs International (+44 20 7552 6157, 800 828-3182, 212 357-1452, liabilitymanagement.eu@gs.com, GS-LM-NYC@gs.com), Intesa Sanpaolo IMI Securities Corp. (800 477-9296, 646 206-3662, DCM.Syndicate.NY@intesasanpaolo.com), Mizuho Securities USA LLC (+44 20 7090 6134, 866 271-7403, 212 205-7736), SMBC Nikko Capital Markets Europe GmbH (+44 20 3527 7545, LM.EMEA@smbcnikko-cm.com) and Societe Generale (+33 1 42 13 32 40, +33 1 42 13 79 52, 855 881-2108, 212 278-6964, liability.management@sgcib.com) have been appointed as dealer managers for the dollar notes offer.

Euro notes

ArcelorMittal was also offering to buy up to $1.5 billion from four euro-denominated series, minus the amount purchased in the concurrent dollar offer.

The company will only accept notes from the 2024 note series.

The following amounts were tendered with the acceptance amounts:

• None of the €214,653,000 tendered of the €366,879,000 outstanding of €500 million of 0.95% notes due Jan. 17, 2023 (ISIN: XS1730873731) for 101.434, with pricing determined using a negative 0.15% purchase yield;

• None of the €465,562,000 tendered of the €750 million outstanding of 1% notes due May 19, 2023 (ISIN: XS2082323630) for 101.894, with pricing determined using a negative 0.15% purchase yield;

• All of the €470,977,000 tendered of the €1 billion outstanding of 2.25% notes due Jan. 17, 2024 (ISIN: XS1936308391) for 105.417, with pricing determined using a negative 0.1% purchase yield; and

• None of the €285,711,000 tendered of the €750 million 1.75% notes due Nov. 19, 2025 (ISIN: XS2082324018) to be repurchased at 106.35.

Pricing for the first three series was determined on June 24.

Interest will also be paid on the notes to the settlement date.

The invitation expires at 11 a.m. ET on June 24.

Settlement is planned for June 29.

Citigroup Global Markets Ltd. (+44 20 7986 8969), Credit Agricole CIB (+44 20 7214 5733), Goldman Sachs International (+44 20 7552 6157), Intesa Sanpaolo SpA (+39 027 265 7020), Mizuho Securities Europe GmbH (+44 20 7090 6134), SMBC Nikko Capital Markets Europe GmbH (+44 20 3527 7545) and Societe Generale (+33 1 42 13 32 40, +33 1 42 13 79 52) are dealer managers for the euro notes offer.

Details

Funding will come from existing cash resources.

The offers are being made to reduce the company’s gross debt.

D.F. King (877 732-3619, 212 269-5550, +44 20 7920 9700, arcelormittal@dfkingltd.com, https://sites.dfkingltd.com/ArcelorMittal) has been retained to serve as the information agent and tender agent in connection with the offers.

ArcelorMittal is a Luxembourg-based steel manufacturing company.

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