ArcelorMittal announces results of the Invitation for Offers to sell any and all bonds for cash in relation to its EUR 1,000,000,000 4.625% Notes due 17 November 2017 EUR 500,000,000 4.50% Notes due 29 March 2018
On 11 April 2016, ArcelorMittal (“ ArcelorMittal ” or the “ Company ”) announced the commencement of an invitation (subject to offer restrictions) to holders of the bonds (the “ Bondholders ”) set forth in the table below (the “ Bonds ”) to submit offers to sell (each such offer, an “ Offer to Sell ”) any and all of the Bonds to the Company for cash (the “ Invitation ”) on the terms and subject to the conditions set out in the invitation for offers dated 11 April 2016 prepared by the Company (the “ Invitation for Offers ”). The Invitation expired at 17.00 hours CET on 18 April 2016.
Announcement of Results of the Invitation
The Company is pleased to announce the acceptance of the Invitation as follows:
| Bonds | Amount tendered | Purchase Price | Accrued Interest | Total Consideration |
|---|---|---|---|---|
| EUR 1,000,000,000 4.625% Notes due 17 November 2017 (XS0559641146)(1) | €460,180,000 | 108.650% (€1,086.50 for each €1,000 in principal amount) | €24.72 for each € 1,000 in principal amount | €1,111.22 for each € 1,000 in principal amount |
| EUR 500,000,000 4.50% Notes due 29 March 2018 (XS0765621569)(2) | €166,477,000 | 108.250% (€1,082.50 for each €1,000 in principal amount) | €3.31 for each € 1,000 in principal amount | €1,085.81 for each € 1,000 in principal amount |
(1) The interest rate on the 4.625% Notes due 17 November 2017 increased pursuant to an interest adjustment clause applicable to such bonds and is currently 5.875%.
(2) The interest rate on the 4.50% Notes due 29 March 2018 increased pursuant to an interest adjustment clause applicable to such bonds and is currently 5.75%.
Settlement
The Settlement Date for the Invitation is expected to be 19 April 2016. All tenders pursuant to the Invitation will settle through the normal procedures of the relevant Clearing System. On the Settlement Date, the Company shall pay or procure that there is paid to each Bondholder which has validly submitted an Offer to Sell by the Expiration Time which has been accepted for purchase by the Company, an amount in cash equal to the Total Consideration.
Payment of the relevant Total Consideration, by or on behalf of the Company shall fully and finally discharge its obligations to the relevant Bondholders in respect of the Bonds offered for sale and delivered and accepted for purchase by the Company pursuant to the Invitation. Under no circumstances will any additional interest be payable by the Company to a Bondholder due to any delay in the transmission of funds from the relevant Clearing System or any intermediary with respect to the Bonds of that Bondholder.
Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited and J.P. Morgan Securities plc acted as the dealer managers for the Offers. D.F. King acted to serve as the information and tender agent.
