Steel giant ArcelorMittal today said it has launched offers to purchase securities worth total USD 1.5 billion in cash, which will mature between 2018 and 2022.
The tender offers includes its outstanding 6.125 per cent notes due 2018, 9.850 per cent notes due 2019, 5.125 per cent notes due 2020, 5.500 per cent notes due 2021 and 6.250 per cent notes due 2022, the world's largest steel maker said in a regulatory filing.
"ArcelorMittal will fund the Offers with existing cash resources and potentially drawings under existing credit facilities," it said.
The offers are being made to reduce gross debt through the early repayment of certain of ArcelorMittal's short to medium-term maturing bonds, it added.
The Notes have to tendered at any time on or before October 4, this year, it said.
The Luxembourg-based Group has appointed Citigroup Global Markets, Deutsche Bank Securities, J.P. Morgan Securities, RBC Capital Markets and Societe Generale as dealer managers and D F King as the information agent.
In July, ArcelorMittal 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.
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