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Mittal Steel launches 8 bn Euro loan for Arcelor buy

The deal consists of a 5 bn Euro acquisition facility which funds the cash portion of the bid, and a 3 bn Euro refinancing facility.

india Updated: May 01, 2006 17:57 IST
Reuters
Reuters
None

Mital Steel has launched an eight billion Euro syndicated loan in its bid for Arcelor, bankers close to the deal said on Friday.

Arrangers Citigroup, Goldman Sachs, Societe Generale, Commerzbank, CSFB and HSBC have launched the deal to around 20 of Mittal's relationship banks, which have been invited to sub-underwrite the loan.

The deal consists of a five billion Euro acquisition facility which funds the cash portion of the bid, and a three billion Euro refinancing facility which repays a $3.5 billion 364-day bridge loan of December 2005 that financed Mittal's acquisition of Ukrainian steelmaker Kryvorizhstal.

First Published: Mar 24, 2006 18:13 IST