UPDATE: ArcelorMittal Talked At Treasurys +175, +220, +235BPs -Source
28 Febbraio 2011 - 6:49PM
Dow Jones News
Steelmaker ArcelorMittal (MT, MT.AE) hit the market Monday with
a three-part bond offering, according to a person familiar with the
transaction.
Price guidance is in the area of 1.75 percentage points over
comparable government debt in the case of a tranche of five-year
bonds; 2.20 percentage points over Treasurys in the case of the
10-year bonds; and 2.35 percentage points over Treasurys in the
case of the 30-year bonds.
The size of the offering and how the tranches break down has not
yet been decided.
Proceeds are expected to be used to refinance existing debt and
for other general corporate purposes, the person familiar with the
deal said.
The bonds are expected to be rated Baa3 by Moody's Investors
Service, BBB- by Standard & Poor's and BBB by Fitch
Ratings.
Citigroup, Barclays Capital and J.P. Morgan Chase are joint
bookrunners on the sale, which is expected to price late
Monday.
Existing ArcelorMittal bonds due Aug. 5, 2020 were trading with
a risk premium of 1.94 percentage points over comparable government
debt Monday, according to MarketAxess data, while debt due June 1,
2018 had a spread of 1.50 percentage points.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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