ArcelorMittal arm extends conversion date of $750 million MCBs
21 Apr 2011
ArcelorMittal has announced the extension of the conversion date of the $750-million privately placed mandatorily convertible bonds (MCBs), issued by one of its wholly-owned Luxembourg subsidiaries.
ArcelorMittal, the country's largest steelmaker, on Wednesday announced the amendment to the MCB, which is mandatorily convertible into preferred shares of such subsidiary, on 20 April 2011.
The bonds, issued on 28 December 2009, were to be mandatorily converted into preferred shares by 25 May 2011. This has now been extended to 31 January 2013.
The other main features of the MCB remain unchanged.
The bond was placed privately with a Luxembourg affiliate of Credit Agricole Corporate and Investment Bank and is not listed.
The subsidiary has simultaneously executed amendments providing for the extension of the outstanding notes into which it originally invested the proceeds of the bond issuance, which are linked to shares of the listed companies Eregli Demir Ve Celik Fab. T. AS of Turkey and Macarthur Coal Limited of Australia, both of which are held by ArcelorMittal subsidiaries.
ArcelorMittal is the world's leading steel company, with operations in more than 60 countries.
The company is a leading supplier in all major global steel markets, including automotive, construction, household appliances and packaging.
