ArcelorMittal to buy back bonds worth up to $600 mn

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Press Trust of India London
Last Updated : Jun 15 2016 | 5:22 PM IST
Steel giant ArcelorMittal has said it will repurchase bonds worth up to USD 600 million, which are due to mature in 2020 and 2021.
The maximum tender amount is USD 600 million in aggregate principal amount of the Notes," the steelmaker said in a regulatory filing late last night.
The company expressly reserves the right to increase the maximum tender amount after the determination of the clearing premium (as defined in the Offer to Purchase) at the Early Tender Time without extending the withdrawal deadline, it added.
"ArcelorMittal announces the launch of its tender offers 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 the August 2020 Notes," the firm said.
The offer expires on July 12, the world's largest steel manufacturer said.
"ArcelorMittal will fund the Offers with existing cash resources. The Offers are being made to reduce gross debt through the early repayment of medium-term maturing bonds," it added.
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, it said.
Last month's, the billionaire Lakshmi Mittal led Group's USD 1.5 billion offer to purchase in cash bonds worth USD 1.5 billion, due to mature in June 2019, had received a lukewarm response.

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First Published: Jun 15 2016 | 5:22 PM IST

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