Mittal Steel starts excess cash flow offer for €31 million 11 7/8% notes

New York, May 11 - Mittal Steel Europe SA said it has begun an excess cash flow offer to buy up to €31 million of its €150 million of 11 7/8% senior secured notes due 2011.

Mittal Steel Europe, formerly known as Ispat Europe Group SA, is offering par plus accrued interest for the notes.

The offer runs through 12 p.m. ET on June 7.

Under the terms of the securities, the company is required to use 33% of its excess cash flow for each fiscal year to make an offer to buy back the notes.

Mittal Steel Europe is a Rotterdam, Netherlands-based steelmaker.

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