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ArcelorMittal ups debt buyback to US$1.41B from US$1.25B

ArcelorMittal on Oct. 13 increased the size of its recently reported debt buyback offer, with the initial maximum tender cap increased to US$1.41 billion from US$1.25 billion.

The steel giant said it made the move to avoid proration of any series of notes validly tendered.

Meanwhile, ArcelorMittal accepted for repurchase US$1.19 billion in 2022, 2039 and 2041 notes by the Oct. 12 early tender date. They are ranked according to acceptance priority, with the 2022 notes as the top priority and the 2039 notes as the last.

The cash offer for the notes remains open until Oct. 26.

ArcelorMittal will fund the offers using existing cash resources to reduce gross debt and interest expenses.