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In This List

ArcelorMittal pays US$619.3M cash under tender offers, receives additional tenders

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Essential Metals & Mining Insights July 2020

ArcelorMittal pays US$619.3M cash under tender offers, receives additional tenders

ArcelorMittal has paid US$619.3 million in cash fornotes accepted under its tender offers, including accrued interest, it saidJuly 13.

As of June 27, US$110.9 million was tendered for the steelmaker's 5.125% notes due June 1,2020, US$144.9 million for 5.25% notes due Aug. 5, 2020, and US$320.5 millionfor 5.5% notes due March 1, 2021.

Before the July 12 expiration of the offer, the companyreceived additional tenders for US$2.3 million aggregate principal amount ofJune 2020 notes, US$1.7 million of August 2020 notes, and US$2.9 million of2021 notes, all of which are expected to be accepted for purchase.

ArcelorMittal made the offers to reduce gross debt throughthe early repayment of medium-term maturing bonds, and funded them via existingcash resources.

Barclays Capital Inc., BNP Paribas, Citigroup Global MarketsLtd., and J.P. Morgan Securities LLC acted as dealer managers.