ArcelorMittal Issuing 3-Part Deal In US Bond Market -Source
23 Febbraio 2012 - 3:06PM
Dow Jones News
ArcelorMittal, a global steel producer, plans to issue a
three-part debt deal in the U.S. credit markets Thursday, according
to a person familiar with the matter.
The deal features three-, five- and 10-year notes. The deal is
benchmark-sized, meaning there should be at least $500 million per
tranche.
The Luxembourg company intends to use the proceeds for general
corporate purposes including to repay some debt due in 2012, which
bears an interest rate of 1.71% to 1.78%. It may also pay off some
debt due in 2013, which bears an interest cost of 5.375%.
The anticipated ratings are Baa3 from Moody's Investors Service,
BBB-minus from Standard & Poor's, and BBB from Fitch
Ratings.
The Securities and Exchange Commission-registered notes feature
a change of control provision allowing investors to redeem the
notes at 101 cents on the dollar should the company be acquired and
get downgraded below investment-grade. The provision safeguards
investors from a leveraged buy-out.
Bank of America Merrill Lynch, Citigroup, and J.P. Morgan are
lead bookrunners on the deal.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382;
patrick.mcgee@dowjones.com
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