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.