ArcelorMittal Launches Tender to Buy Back up to $3.2 Billion in Debt
April 11 2016 - 11:31AM
Dow Jones News
By Alex MacDonald
LONDON--ArcelorMittal (MT) on Monday launched two tender offers
to buy back up to $3.2 billion in notes due between 2017 and 2018
with cash raised from its recent $3 billion rights issue.
The Luxembourg-based steelmaker, the world's largest by steel
shipments, offered to buy back $1.5 billion in outstanding notes
due in 2018 that have a 6.125% annual coupon payment.
In a second tender, it offered to buy back 1 billion euros
($1.14 billion)in notes due on Nov. 17, 2017 with a 4.625% annual
coupon and EUR500 million in notes due on March 29, 2018 with a
4.5% annual coupon.
The company said it will fund the debt repurchase with cash
raised from its recent rights offering that closed on April 8.
The two tenders are forecast to close on April 18 and April 19
respectively.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
April 11, 2016 11:16 ET (15:16 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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