Strong investor support for ArcelorMittal’s rights issue; total subscription rate of 126.9%
- 1,229,905,208 new shares subscribed for through the exercise of primary subscription rights under the rights, representing a subscription rate of 97.4%
- Oversubscription demand for 372,398,986 shares
- 1,602,304,194 total new shares subscribed for including oversubscription shares, representing a total subscription rate of 126.9%
1,229,905,208 new shares were subscribed for through the exercise of primary subscription rights under the rights, representing 97.4% of new shares to be issued. Oversubscription demand amounted to 372,398,986 new shares, representing 11.5 times the number of surplus shares available after satisfaction of the primary subscription rights, and will, as a result, be satisfied only in part, i.e. for 32,446,323 new shares.
Surplus shares will be allocated to holders that submitted oversubscription requests on a pro-rata basis, in proportion to the number of rights exercised by each Holder (excluding the oversubscription), in each case in an amount that does not exceed the maximum number of additional New Shares requested.
Post capital increase, ArcelorMittal’s issued share capital will consist of 3,065,710,869 shares without nominal value.
As announced on 5 February 2016, ArcelorMittal intends to use the net proceeds of the rights issue to reduce its indebtedness and to strengthen its balance sheet.
Settlement and delivery of new shares pursuant to rights held through the European clearing systems or directly in the European rights register is expected to take place on 8 April 2016. Delivery of new shares to holders of rights through DTC or the New York rights register is expected to take place on 11 April 2016. The new shares are expected to be admitted to trading on the European stock exchanges² on 8 April 2016 and on the New York Stock Exchange on 11 April 2016.
¹Based on the 10 March 2016 published European Central Bank euro/USD exchange rate used to set the subscription price in euros. The subscription price in euros was set to generate gross proceeds in EUR equivalent to approximately USD 3bn based on that rate i.e. EUR 2.78 bn
²The Luxembourg Stock Exchange, Euronext Amsterdam, Euronext Paris and the Bolsas de Valores of Madrid, Barcelona, Bilbao and Valencia
