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ArcelorMittal sets price talk in $1 billion two-part bullet offering; pricing Wednesday
By Paul A. Harris
Portland, Ore., May 27 – ArcelorMittal set price talk for a $1 billion two-part offering of non-callable senior notes (Ba1/BB/BB+), according to an informed source.
The notes in a proposed five-year tranche are talked to yield 5¼% to 5½%.
The notes in a proposed 10-year tranche are talked to yield in the 6¼% area.
Tranche sizes remain to be determined.
The public offering, which will not grow in size, is set to price Wednesday and is expected to settle on Monday.
Global coordinator J.P. Morgan Securities LLC will bill and deliver.
BofA Merrill Lynch, Citigroup and Deutsche Bank Securities Inc. are joint bookrunners.
The Luxembourg-based steel producer plans to use the proceeds to repay debt, including the early redemption of its 4½% senior notes due August 2015.
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