2013-01-10 00:36:32 -
Luxembourg, 10 January 2013 - ArcelorMittal (the "Company") announces the
pricing of its combined offering of ordinary shares and mandatorily convertible
subordinated notes ("MCNs") announced earlier today (the "Combined
Offering").
The total aggregate proceeds from the Combined Offering are approximately USD
4.0 billion (before deduction of commissions).
The ordinary shares offering represents an aggregate amount of USD 1.75 billion,
representing approximately 104 million ordinary shares at an offering price of
USD 16.75 (EUR 12.83 at a EUR/USD conversion rate of 1.3060) per ordinary share.
The Company also announces the pricing of the USD 2.25 billion offering of
mandatorily convertible notes. The MCNs will have a maturity of 3 years, will be
issued at 100% of the principal amount and will be mandatorily converted into
ordinary shares of ArcelorMittal at the maturity of the MCNs, unless earlier
converted at the option of the holders or ArcelorMittal or upon certain
specified events in accordance with the terms of the MCNs. The MCNs will pay a
coupon of 6.00% per annum, payable quarterly in arrears. The minimum conversion
price of the MCNs will be equal to USD 16.75, corresponding to the placement
price of shares in the concurrent ordinary shares offering as described above,
and the maximum conversion price has been set at approximately 125% of the
minimum conversion price (corresponding to USD 20.94).
The Mittal family participated by placing an order in the Combined Offering for
an aggregate amount of USD 600 million, split as follows: USD 300 million of
MCNs and USD 300 million of ordinary shares.
ArcelorMittal intends to use the net proceeds from the Combined Offering to
reduce existing indebtedness. Deleveraging remains a priority for ArcelorMittal
to retain strategic flexibility, and this offering, together with other
initiatives, is expected to enable the Company to reduce its net debt down to
approximately USD 17 billion by June 30, 2013 and accelerate the achievement of
a medium term net debt target of USD 15 billion.
Goldman Sachs & Co is acting as sole global coordinator of the Combined
Offering, and Goldman Sachs & Co, BofA Merrill Lynch , Credit Agricole Corporate
and Investment Bank, and Deutsche Bank AG, London Branch are acting as joint
bookrunners of the Combined Offering.
Settlement of the ordinary shares offering is expected to occur on or around
January 14, 2013. Settlement of the MCNs is expected to occur on or around
January 16, 2013. ArcelorMittal has applied to list the MCNs on the New York
Stock Exchange ("NYSE"), subject to satisfaction of the NYSE's minimum
equity
listing standards with respect to the MCNs. There can be no assurance that such
requirement will be satisfied. If the MCNs are approved for listing,
ArcelorMittal expects trading on the NYSE to begin within 30 calendar days after
the MCNs are first issued.
The issuer has filed a registration statement (including a prospectus) with the
SEC for the offering to which this communication relates. Before you invest, you
should read the prospectus in that registration statement and other documents
the issuer has filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by visiting EDGAR on the
SEC Web site at www.sec.gov. Alternatively, copies may be obtained from Goldman
Sachs & Co. at 1-212-902-1171, BofA Merrill Lynch at 1-800-500-5408, or Deutsche
Bank AG, London Branch at 1-800-503-4611.
No communication and no information in respect of the offering of securities may
be distributed to the public in any jurisdiction where a registration or
approval is required. The offering or subscription of securities may be subject
to specific legal or regulatory restrictions in certain jurisdictions.
ArcelorMittal takes no responsibility for any violation of any such restrictions
by any person.
In member states of the European Economic Area ("EEA") which have implemented
the Prospectus Directive (each, a "Relevant Member State"), this announcement
and any offer if made subsequently is directed exclusively at persons who are
"qualified investors" within the meaning of the Prospectus Directive
("Qualified
Investors"). For these purposes, the expression "Prospectus Directive"
means
Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending
Directive, to the extent implemented in a Relevant Member State), and includes
any relevant implementing measure in the Relevant Member State and the
expression "2010 PD Amending Directive" means Directive 2010/73/EU. In the
United Kingdom this announcement is directed exclusively at Qualified Investors
(i) who have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) who fall within Article
49(2)(A) to (D) of the Order, and (iii) to whom it may otherwise lawfully be
communicated.
In connection with the Combined Offering, the Joint Bookrunners or any of their
respective affiliates acting as an investor for their own account may take up as
a proprietary position any Securities and in that capacity may retain, purchase
or sell for their own account such Securities. In addition they may enter into
financing arrangements and swaps with investors in connection with which they
may from time to time acquire, hold or dispose of Securities. They do not intend
to disclose the extent of any such investment or transactions otherwise than in
accordance with any legal or regulatory obligation to do so.
The Joint Bookrunners are acting on behalf of the Company and no one else in
connection with any offering of the Securities and will not be responsible to
any other person for providing the protections afforded to any of their
respective clients or for providing advice in relation to any offering of the
Securities. None of the Joint Bookrunners will regard any other person as its
client in relation to the offering of the Securities.
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a presence
in more than 60 countries.
ArcelorMittal is the leader in all major global carbon steel markets, including
automotive, construction, household appliances and packaging, with leading R&D
and technology. The Group also has a world class mining business with a global
portfolio of over 20 mines in operation and development, and is the world's 4th
largest iron ore producer. With operations in over 22 countries spanning four
continents, the Company covers all of the key industrial markets, from emerging
to mature, and has outstanding distribution networks.
Through its core values of sustainability, quality and leadership, ArcelorMittal
commits to operating in a responsible way with respect to the health, safety and
well-being of its employees, contractors and the communities in which it
operates. It is also committed to the sustainable management of the environment.
It takes a leading role in the industry's efforts to develop breakthrough
steelmaking technologies and is actively researching and developing steel-based
technologies and solutions that contribute to combat climate change.
ArcelorMittal is a member of the FTSE4Good Index and the Dow Jones
Sustainability World Index.
In 2011, ArcelorMittal had revenues of $94.0 billion and crude steel production
of 91.9 million tonnes, representing approximately 6 per cent of world steel
output. The Group's mining operations produced 54 million tonnes of iron ore and
8 million tonnes of metallurgical coal.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT),
Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona,
Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com
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|Contact information ArcelorMittal Investor Relations |
|Europe + 352 4792 2484 |
|Americas + 1 312 899 3569 |
|Retail + 44 203 214 3198 |
|SRI + 44 207 543 1128
|
|Bonds/Credit + 33 171 92 10
26 |
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|Contact information ArcelorMittal Corporate Communications |
|E-mail:
press@arcelormittal.com |
|Phone: +352 4792 5000 |
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|ArcelorMittal Corporate Communications |
|Giles Read (Head of Media Relations) + 44 20 3214 2845 |
|Tobin Postma +
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|44 20 3214 2412 |
| |
|United Kingdom |
|Maitland Consultancy: |
|Martin Leeburn + 44 20
7379 5151|
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|France |
|Image 7 |
|Sylvie Dumaine / Anne-Charlotte Creach + 33 1 5370 7470 |
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Source: ArcelorMittal S.A. via Thomson Reuters ONE
[HUG#1669458]
