ArcelorMittal launches €750 million seven-year senior notes at mid-swaps plus 265 bps

By Paul A. Harris

Portland, Ore., Jan. 8 – ArcelorMittal launched a €750 million offering of seven-year senior notes (Ba1/BB+/BB+) at mid-swaps plus 265 basis points on Thursday, according to market sources.

The quick-to-market deal was announced earlier in the session at benchmark size.

The spread is coming at the tight end of the 265 bps to 270 bps final spread talk. Earlier guidance was mid-swaps plus 275 bps to 280 bps.

Books are closed.

The Regulation S deal is playing to €2.2 billion of demand.

Final terms are expected shortly.

Joint bookrunner BNP Paribas will bill and deliver. Deutsche Bank, Santander and SG CIB are also joint bookrunners.

The Luxembourg-based steel producer plans to use the proceeds for general corporate purposes.

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