ArcelorMittal extends conversion date for $1 billion bond

Tags: News
ArcelorMittal today extended the conversion date for its USD 1 billion privately placed mandatory convertible bond to January 2016.

The bond was issued by a wholly owned subsidiary of ArcelorMittal on December 28, 2009, and the conditions were amended on January 16, the company said in a statement.

"The mandatory conversion date of the bond has been extended to 29 January 2016. The other main features of the MCB remain unchanged," ArcelorMittal said.

The bond was placed with a Luxembourg affiliate of Credit Agricole Corporate and Investment Bank and is not listed.

ArcelorMittal also said it reduced two syndicated revolving credit facilities on November 26.

The facilities, entered into in March 2011 and May 2010, were cut to USD 3.6 billion from USD 6 billion and to USD 2 billion from USD 4 billion, respectively.

The company gave notice today to redeem all of its outstanding USD 650 million subordinated perpetual capital securities on February 20, 2014, following the occurrence of a ratings agency event.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sebi must not exempt listed SMEs from its mandatory disclosure norms

    The Securities and Exchange Board of India (Sebi) has amended clause 49 of the listing agreement, which lays down the obligation of companies toward t

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Why manufacturing needs innovation

Prime minister Narendra Modi’s call of “come — make in ...

Kuruvilla Pandikattu SJ

Warren Buffett’s key to happiness

Despite being the second richest American, Warren Buffett still lives ...

Gautam Gupta

In fashion, why quality must exceed quantity

Every time there’s a fashion week in India, my friends, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture