ArcelorMittal Enters into Repurchase Agreements with Certain Holders of its Mandatorily Convertible Subordinated Notes
14 December 2021 - 9:10AM
ArcelorMittal Enters into Repurchase Agreements with Certain
Holders of its Mandatorily Convertible Subordinated Notes
THIS ANNOUNCEMENT IS FOR INFORMATION ONLY AND IS NOT AN
OFFER TO PURCHASE OR A SOLICITATION OF OFFERS TO SELL ANY
SECURITIES.
13 December
2021,
23:10 CET
ArcelorMittal (the ‘Company’ or ‘ArcelorMittal’) announced today
that it has entered into separate, privately negotiated repurchase
transactions with a limited number of holders of the Company’s
5.50% Mandatorily Convertible Subordinated Notes due 2023 (the
“Notes”).
Pursuant to the transactions, the Company will repurchase
approximately $395 million in aggregate principal amount of the
Notes. The aggregate repurchase price payable by the Company will
be based on the daily volume-weighted average price of the
Company’s ordinary shares during a price determination period
following execution of the repurchase agreements. The Company
anticipates that holders of the outstanding Notes that it is
repurchasing may unwind related hedge positions by buying ordinary
shares of the Company during the price determination period.
Following completion (subject to customary conditions) of the
repurchases, approximately $608 million aggregate principal amount
of the Notes will remain outstanding. The Company will issue a
press release following the end of the price determination period
to announce the aggregate repurchase price for the aggregate
principal amount of Notes repurchased.
This transaction is a further step in the Company’s ongoing
capital return program.
Citigroup Global Markets Inc. is acting as the exclusive agent
in connection with the transaction.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company,
with a presence in 60 countries and primary steelmaking facilities
in 17 countries. In 2020, ArcelorMittal had revenues of $53.3
billion and crude steel production of 71.5 million metric tonnes,
while iron ore production reached 58.0 million metric tonnes.
Our goal is to help build a better world with smarter steels.
Steels made using innovative processes which use less energy, emit
significantly less carbon and reduce costs. Steels that are
cleaner, stronger and reusable. Steels for electric vehicles and
renewable energy infrastructure that will support societies as they
transform through this century. With steel at our core, our
inventive people and an entrepreneurial culture at heart, we will
support the world in making that change. This is what we believe it
takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish
stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com/.
Forward-Looking Statements
This document may contain forward-looking information and
statements about ArcelorMittal and its subsidiaries. These
statements include financial projections and estimates and their
underlying assumptions, statements regarding the expected closing
of the repurchases and of potential market activity by holders
whose Notes are being repurchased, statements regarding plans,
objectives and expectations with respect to future operations,
products and services, and statements regarding future performance.
Forward-looking statements may be identified by the words
“believe”, “expect”, “anticipate”, “target” or similar expressions.
Although ArcelorMittal’s management believes that the expectations
reflected in such forward-looking statements are reasonable,
investors and holders of ArcelorMittal’s securities are cautioned
that forward-looking information and statements are subject to
numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of ArcelorMittal, that
could cause actual results and developments to differ materially
and adversely from those expressed in, or implied or projected by,
the forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings
with the Luxembourg Stock Market Authority for the Financial
Markets (Commission de Surveillance du Secteur Financier) and the
United States Securities and Exchange Commission (the “SEC”) made
or to be made by ArcelorMittal, including ArcelorMittal’s latest
Annual Report on Form 20-F on file with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
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Contact
information ArcelorMittal Investor Relations |
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General |
+44 207 543
1128 |
Retail |
+44 203 214
2893 |
SRI |
+44 203 214
2801 |
Bonds/CreditE-mail |
+33 1 71 92
1026investor.relations@arcelormittal.com |
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Contact
information ArcelorMittal Corporate Communications |
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Paul
WeighTelE-mail: |
+44
20 3214 2419press@arcelormittal.com |
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