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ArcelorMittal gets tenders for $311.5 million of 6½% notes due 2014
By Marisa Wong
Madison, Wis., July 16 - ArcelorMittal said investors had tendered an additional $819,000 of 6½% notes due April 15, 2014 issued by ArcelorMittal USA LLC between the early deadline and the expiration time of the tender offer that began on June 17.
The cash tender offer for any and all of the $500 million 6½% notes expired at 11:59 p.m. ET on July 15.
As previously announced, holders had tendered $310,683,000, or 62.14%, of the 6½% notes by the early tender deadline of 11:59 p.m. ET on June 28.
All tendered notes have been accepted for purchase. In total, the company accepted $311,502,000 of notes.
The total purchase price for the 6½% notes was $1,038.75 for each $1,000 principal amount. The total payment included an early tender premium of $50.00 per $1,000 principal amount of notes tendered by the early tender date.
Holders who tendered after the early deadline will receive $988.75 per $1,000 of notes.
The company also paid/will pay accrued interest up to but excluding the settlement date, which was July 1 for early tendered notes and is expected to be July 16 for remaining tenders.
The offer was not contingent upon the tender of any minimum principal amount of notes.
The purpose of the offer was to retire all or some of the bonds before maturity, and the offer reflects the company's "robust liquidity position and forms part of the company's proactive approach to managing its debt maturity profile, reducing gross debt and optimizing interest costs," the company said in previous news releases.
Roughly $188.5 million of the 6½% notes remains outstanding.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-2452) is the dealer manager. D.F. King & Co., Inc. (800 758-5378 or 212 269-5550 for noteholders) is the information agent and tender agent.
ArcelorMittal is a Luxembourg-based steel and mining company.
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