7 for 10 Rights issue of 1,262,351,531 new shares at a subscription price of EUR 2.20 per new share
- Subscription price represents a 35.3% discount to the theoretical ex-rights price, based on the closing price of ArcelorMittal’s shares on Euronext Amsterdam on 10 March 2016
- Mittal family trust entities have committed to exercise their Rights for new shares pro rata to their current shareholding of 37.38%
- Record date for allocation of Rights is set at 14 March 2016 at 5:00 pm EST for shares traded on the New York Stock Exchange and the close of trading in each other market
- Rights will be credited to clearing systems and to the accounts of shareholders directly registered in the European share register and the New York share register on 15 March 2016. Mailing of certificates evidencing Rights directly registered in the New York rights register will begin on 15 March 2016.
- Rights exercise periods run from 15 March 2016, until:
- 5.00 pm EST on 29 March 2016 for Rights held via book entry in DTC or in the New York Rights register;
- 5.00 pm CET on 30 March 2016 for Rights held in the European clearing systems, other than for Rights traded on the Spanish stock exchanges and Rights held directly through the European Rights register, for which the deadline will be 12.00pm CET
ArcelorMittal SA (“ArcelorMittal” or the “Company”) announces the terms of its c.USD 3bn rights issue, the principle of which was announced on 5 February 2016 (the “Offering”), following the adoption of enabling resolutions by the Extraordinary General Meeting of shareholders on 10 March 2016. The Offering is underwritten by a syndicate of banks led by Goldman Sachs International, BofA Merrill Lynch and Crédit Agricole Corporate and Investment Bank acting as Joint Global Coordinators and Joint Bookrunners. Barclays, BNP Paribas, Citigroup, J.P. Morgan and Société Générale Corporate & Investment Banking are acting as Joint Bookrunners. ArcelorMittal intends to use the net proceeds from the exercise of Rights attributed in the Offering to reduce its indebtedness and to strengthen its balance sheet.
Mittal family trust entities have committed, subject to customary conditions, to exercise the Rights allocated to them based on their current shareholding of 37.38%.
The Company and the Mittal family trust entities have agreed with the Underwriters to a 180-day lock-up following the settlement of the Offering, subject to certain exceptions.
