ArcelorMittal Buys Back 62% Of $500 Million, 6.5% Notes Due 2014
17 July 2013 - 1:31AM
Dow Jones News
By Alex MacDonald
LONDON--ArcelorMittal (MT) has bought back around 62% of $500
million in bonds falling due in 2014, part of a plan to reduce its
debt.
The Luxembourg-based steelmaker said investors holding $310.68
million of outstanding notes with a 6.5% coupon took advantage of
an early-bird offer that expired on June 28. The steelmaker paid
those investors $326.99 million on July 1 to buy back their notes,
a figure that includes bonuses for the quick response.
ArcelorMittal bought back another $0.819 million worth of notes
for $0.823 million before the offer expired July 15.
That leaves ArcelorMittal, the world's largest steelmaker, with
only $188.5 million to pay back.
-Write to Alex MacDonald at alex.macdonald@wsj.com
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