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ArcelorMittal Commences Exchange Offer
10/09/2008 - ArcelorMittal offers to exchange an aggregate principal amount of up to U.S. $1.50 billion of its 5.375% Notes due 2013 and an aggregate principal amount of up to U.S. $1.50 billion of its 6.125% Notes due 2018, all registered under the Securities Act, for a like aggregate principal amount of its unregistered outstanding 5.375% Notes due 2013 and 6.125% Notes due 2018.
ArcelorMittal announced that it has offered to exchange, commencing on October 8, 2008, an aggregate principal amount of up to U.S.$1.50 billion of its 5.375% Notes due 2013 (which have been registered under the United States Securities Act of 1933, as amended) for a like aggregate principal amount of its unregistered outstanding 5.375% Notes due 2013 and an aggregate principal amount of up to U.S.$1.50 billion of its 6.125% Notes due 2018 (which also have been registered under the Securities Act) for a like aggregate principal amount of its unregistered outstanding 6.125% Notes due 2018.
The company said the form and terms of the Exchange Notes are identical in all material respects to the form and terms of the Original Notes, except that the Exchange Notes, having been registered under the Securities Act, will not contain terms with respect to transfer restrictions.
The company also noted that following consummation of the Exchange Offer, none of the Exchange Notes would be entitled to the benefits of the registration rights agreement relating to the increased interest rate, or special interest, provided for pursuant thereto.
The Exchange Offer will expire on November 7, 2008 unless it is extended.
ArcelorMittal is the world's largest steel company, with over 320,000 employees in more than 60 countries. The company leads a number of major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
In 2007 ArcelorMittal had revenues of U.S. $105.2 billion and crude steel production of 116 million tonnes, representing around 10% of world steel output.
