ArcelorMittal Announces Early Tender Results for its Offers to Purchase for Cash the Outstanding Notes Listed Below

Title of Security CUSIP/ISIN Outstanding Principal Amount Acceptance Priority Level Principal Amount Tendered Principal Amount Accepted Early Tender Premium(4) Total Consideration(5)
6.250% notes due 2022(1) 03938LAX2/US03938LAX29 $1,100,000,000 1 $440,843,000 $440,843,000 $50 $1,146.25
6.750% notes due 2041(2) 03938LAS3/US03938LAS34 $1,000,000,000 2 $370,995,000 $370,995,000 $50 $1,190.00
7.000% notes due 2039(3) 03938LAP9/US03938LAP94 $1,500,000,000 3 $382,538,000 $382,538,000 $50 $1,212.50
  1. The interest rate on the 6.250% notes due 2022 has changed pursuant to an interest adjustment clause and is currently 6.750%.
  2. The interest rate on the 6.750% notes due 2041 has changed pursuant to an interest adjustment clause and is currently 7.250%.
  3. The interest rate on the 7.000% notes due 2039 has changed pursuant to an interest adjustment clause and is currently 7.500%.
  4. Per $1,000 principal amount of Notes validly tendered at or prior to the Early Tender Time and not validly withdrawn.
  5. Per $1,000 principal amount of Notes validly tendered at or prior to the Early Tender Time and not validly withdrawn. Includes the Early Tender Premium. Does not include Accrued Interest (as defined herein).

October 13, 2017 – ArcelorMittal (the “Company” or “ArcelorMittal“) announces the early tender results of its tender offers (the “Offers“) to purchase for cash, for a combined aggregate purchase price (exclusive of Accrued Interest (as defined herein)) of up to $1,250,000,000 (the “Initial Maximum Tender Cap“), its outstanding 6.250% notes due 2022 (CUSIP 03938LAX2/ISIN US03938LAX29) (the “2022 Notes“), 6.750% notes due 2041 (CUSIP  03938LAS3/ISIN US03938LAS34) (the “2041 Notes“) and 7.000% notes due 2039 (CUSIP 03938LAP9/ISIN US03938LAP94) (the “2039 Notes” and, together with the 2022 Notes and the 2041 Notes, the “Notes“). The Company has decided to increase the Initial Maximum Tender Cap to $1,410,627,664 (such amended amount, the “Revised Maximum Tender Cap“) so as to avoid proration of any series of validly tendered Notes.

This announcement does not contain the full terms and conditions of the Offers, which are contained in the offer to purchase dated September 28, 2017 (as it may be amended or supplemented from time to time, the “Offer to Purchase“), and is subject to the offer restrictions set out below and more fully described in the Offer to Purchase.

The table above sets forth information with respect to the Notes that were validly tendered at or prior to 5:00 p.m., New York City time, on October 12, 2017 (the “Early Tender Time“) and not withdrawn.

The Company has accepted for purchase on the Early Settlement Date all Notes tendered at or prior to the Early Tender Time. Since the Offers were fully subscribed as of the Early Tender Time (based on the Revised Maximum Tender Cap), holders who validly tender Notes following the Early Tender Time will not have any of their Notes accepted for purchase.

The Offers will expire at 11:59 p.m., New York City time, on October 26, 2017, unless extended (as may be extended, the “Expiration Time“).

Subject to the terms and conditions set forth in the Offer to Purchase, with respect to all such Notes validly tendered at or prior to the Early Tender Time and not validly withdrawn and accepted for purchase pursuant to the Offers, the Company expects to pay the Total Consideration, together with any accrued and unpaid interest from, and including, the immediately preceding interest payment date applicable to such Notes to, but excluding, the Early Settlement Date (the “Accrued Interest“), to the Holders on the second Business Day after the Early Tender Time, being October 16, 2017 (such date, the “Early Settlement Date“). The “Total Consideration” is the U.S. dollar amount payable per $1,000 principal amount of the Notes set forth in the table above and includes an early tender premium of $50 per $1,000 principal amount of Notes (the “Early Tender Premium“).

The “Withdrawal Deadline” with respect to the Offers was 5:00 p.m., New York City time, on October 12, 2017. Notes already tendered pursuant to the Offers may no longer be withdrawn, and any Notes tendered after the Withdrawal Deadline and at or prior to the Expiration Time may not …

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