ArcelorMittal reopens convertible bond market with Eu1.1bn issue

24 Mar 2009

ArcelorMittal is set to become the first European issuer in almost a year to bring a convertible bond to market after announcing a deal today (Tuesday), firmly quashing last week’s speculation about an imminent rights issue. The move comes in the wake of the steel maker securing two forward starts totalling $4.8bn.

The Luxembourg-based borrower, which has about $25.6bn of debt, signed its forward starts last month, partially extending deals maturing in 2010 and 2011 until 2012.

ArcelorMittal, rated Baa2/BBB+/BBB+, originally aimed to raise Eu750m through the five year convertible bond issue announced today, but revised the deal size to Eu1.1bn. ...

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