Steel giant ArcelorMittal has bought back securities worth USD 576.30 million in cash of its bonds worth up to USD 600 million, which are due to mature in 2020 and 2021.
The Luxembourg-based firm announced that the early tender results for its offers to purchase for cash up to USD 600 million aggregate principal amount of its outstanding notes, it said in a regulatory filing late Tuesday.
Earlier this month, the world’s largest steelmaker had announced the launch of its tender offers.
The offers were to purchase for cash up to maximum tender amount in aggregate of its outstanding 5.125 per cent Notes due June 1, 2020, 5.250 per cent Notes due August 5, 2020 and 5.500 per cent Notes due March 1, 2021 and, together with the June 2020 Notes and August 2020 Notes.
“Taking into account USD 576,301,000 aggregate principal amount of Notes accepted for purchase as of the Early Tender Time pursuant to the Offers, the portion of the Maximum Tender Amount available for Notes tendered after Early Tender Time and at or prior to Expiration Time is equal to USD 23,699,000,” ArcelorMittal said in the filing.
ArcelorMittal will fund the Offers with existing cash resources. The Offers are being made to reduce gross debt through the early repayment of medium-term maturing bonds, it added.
Barclays Capital, BNP Paribas, Citigroup Global Markets and J P Morgan Securities have been appointed as dealer managers for the Offers, while D F King has been retained to serve as the information agent and tender agent.