Arcelor completes amendment of $31bn of loans

ArcelorMittal has completed its amendment of $31bn of syndicated loans, relaxing their leverage ratios as it battles a steep downturn in the steel market. The Luxembourg-based borrower, rated Baa3/BBB/BBB, paid a 60bp fee for the amendment, but will not have to increase its margins unless its net debt is more than 3.5 times Ebitda.

  • 29 Jul 2009

Arcelor said today, as it announced a $800m net loss for the second quarter, that it amended a Eu12bn term loan (Eu8.4bn of which is outstanding), a Eu5bn revolver, a $4bn revolver and a $3.25bn forward start facility, also a revolver.

The covenants on each of these restrict Arcelor ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 18.96
2 BNP Paribas 1,434 4 13.55
3 Goldman Sachs 1,392 3 13.15
4 Barclays 1,097 2 10.37
5 Morgan Stanley 1,094 2 10.34