ArcelorMittal purchases bonds worth $583 mn in cash

Steel giant ArcelorMittal said it has bought back in cash securities worth USD 583.19 million of the USD 600 million bonds, which are due to mature in 2020 and 2021.
The Luxembourg-based firm in a late regulatory filing yesterday announced the final results of its Offers to Purchase for cash up to USD 600 million aggregate principal amount of its outstanding notes.
Last month, the world's largest steelmaker had announced the launch of its tender offers.
The offers were to purchase for cash up to maximum tender amount in aggregate of its outstanding 5.125 per cent Notes due June 1, 2020, 5.250 per cent Notes due August 5, 2020 and 5.500 per cent Notes due March 1, 2021 and, together with the June 2020 Notes and August 2020 Notes.

"ArcelorMittal funded the Offers with existing cash resources. The Offers were made to reduce gross debt through the early repayment of medium-term maturing bonds," it said.
Barclays Capital, BNP Paribas, Citigroup Global Markets and J P Morgan Securities have been appointed as dealer managers for the Offers, while D F King has been retained to serve as the information agent and tender agent.