ArcelorMittal Announces the Results of the Invitation for Offers to Sell for Cash up to the Maximum Acceptance Amount of its EUR 750,000,000 3.125% Notes due 14 January 2022 (the “2022 Bonds”) and EUR 500,000,000 0.95% Notes due 17 January 2023 (the

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On 5 October 2020, ArcelorMittal (“ArcelorMittal” or the “Company”) announced the commencement of an invitation (subject to offer restrictions) to holders of the bonds (“Bondholders”) set forth in the table below (the “Bonds”) to submit offers to sell for cash (each such offer, an “Offer to Sell”) up to a maximum aggregate principal amount of €1.0 billion (the “Maximum Acceptance Amount”)  of the Bonds to the Company (the “Invitation”) on the terms and subject to the conditions set out in the Invitation for Offers dated 5 October 2020 (the “Invitation for Offers”). The Invitation expired at 17.00 hours CET on 13 October 2020.

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14/10/2020 |
  • Arcelor

Announcement of Results of the Invitation

The Company is pleased to announce the acceptance of Offers to Sell as follows:

Bonds                       €750,000,000 3.125% Notes due14 January 2022

ISIN                         XS1167308128

Amount tendered     €263,583,000

Amount accepted     €263,583,000

Purchase Price         103.60% (€1,036 for each €1,000 in principal amount)

Pro-rating factor       None*

Aggregate Principal Amount Outstanding after the Settlement Date     €486,417,000

 

Bonds                      €500,000,000 0.95% Notes due 17 January 2023

ISIN                         XS1730873731

Amount tendered     €133,121,000

Amount accepted     €133,121,000

Purchase Price         99.80% (€998 for each €1,000 in principal amount)

Pro-rating factor       None*

Aggregate Principal Amount Outstanding after the Settlement Date     €366,879,000

*  Given the Maximum Acceptance Amount has not been exceeded, all Bonds tendered for purchase have been accepted in full and there will be no pro-ration.

Settlement

The Settlement Date is expected to be 15 October 2020. All tenders pursuant to the Invitation will settle through the normal procedures of the relevant Clearing System. On the Settlement Date, the Company shall pay or procure that there is paid to each Bondholder which has validly submitted an Offer to Sell accepted for purchase by the Company, an amount in cash equal to the Total Consideration.

Payment of the relevant Total Consideration, by or on behalf of the Company shall fully and finally discharge the Company’s obligations to the relevant Bondholders in respect of the Bonds delivered and accepted for purchase pursuant to the Invitation and as soon as reasonably practicable following the Settlement Date, such Bonds shall be canceled pursuant to their terms and conditions. Under no circumstances will any additional interest be payable by the Company to a Bondholder due to any delay in the transmission of funds from the relevant Clearing System or any intermediary with respect to the Bonds of that Bondholder.

Banco Bilbao Vizcaya Argentaria, S.A., Citigroup Global Markets Limited, HSBC Bank plc, Mizuho International plc and Natixis have been appointed to serve as the dealer managers for the Offers. D.F. King Ltd. has been retained to serve as the information and tender agent (“Tender Agent”).

For additional information regarding the terms of the Invitation, please contact Banco Bilbao Vizcaya Argentaria, S.A. at +44 207 397 6061 or +44 207 397 6029, Citigroup Global Markets Limited at +44 20 7986 8969, HSBC Bank plc at +44 20 7992 6237, Mizuho International plc at +44 20 7090 6134 and Natixis at +33 1 58 55 08 14. Requests for documents and questions regarding the offers to sell Bonds may be directed to D.F. King Ltd. via email: , or telephone: London: +44 20 7920 9700.

A copy of the Invitation for Offers is also available at https://sites.dfkingltd.com/arcelormittal and may be obtained at no charge from D.F. King.

Capitalized terms used and not defined herein have the meanings ascribed to them in the Invitation for Offers.

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