ArcelorMittal announces $ 2.5-billion bond issue

Steel giant Arcelor Mittal said today that it had launched a bond issue to raise $ 2.5 billion (1.89 billion euros) to reduce debt.

Steel giant Arcelor Mittal said on Tuesday that it had launched a bond issue to raise $ 2.5 billion (1.89 billion euros) to reduce debt.

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The issue was divided into three bonds of different duration, with the longest being for 29 years.

The first, to raise one billion dollars and carrying an interest rate or yield of 3.75 per cent had a life of five years, falling due for repayment in 2015.

The second, also to raise one billion dollars at 5.25 per cent, was for 10 years, and the third for USD 500 million at 7.0 per cent was for 29 years.