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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