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E-mail ID will not be published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

  • Kerala, god’s own country, will always be free spirited

    Candy is dandy, but liquor is quicker,” the celebrated American poet Ogden Nash had once said famously.

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

Varun Dutt

<b>Riskfactor</b>:The over-the-top effect effect

The overconfidence effect is a bias in which someone’s subjective ...

Parvez Imam

The absoluteness in representations

When a representation replaces the original object or subject, a ...

Dharmendra Khandal

Religion and conservation must go hand in hand

In 1986, former president of WWF International, HRH Prince Philip, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture