ArcelorMittal hones in on forward starts

ArcelorMittal, the Luxembourg-based steel maker, has “secured in principle” commitments from its lenders for two forward start facilities. The borrower made the announcement on Wednesday morning as it released its 2008 results.

  • 11 Feb 2009
ArcelorMittal’s attempt to guarantee its long-term funding via a forward start follows similar moves by other major European borrowers, including Iberdrola, the Spanish energy group, AP Moller-Maersk, the Danish shipping company, and Spanish telco Telefónica. ArcelorMittal will extend $4.8bn of debt, currently maturing in 2010 and 2011, until ...

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