The world's largest steelmaker ArcelorMittal today said it has extended conversion date for USD 1 billion mandatory convertible bonds.
The world’s largest steelmaker ArcelorMittal today said it has extended conversion date for $1 billion mandatory convertible bonds. “ArcelorMittal announces the extension of the conversion date for the $1 billion privately placed mandatory convertible bond (MCB) issued on December 28, 2009 by one of its wholly-owned Luxembourg subsidiaries,” the steel giant said in a statement. This amendment to the MCB, which is mandatorily convertible into preferred shares of such subsidiary, was executed on December 14, 2017. “The mandatory conversion date of the bond has been extended to January 29, 2021. The other main features of the MCB remain unchanged. The bond was placed privately with Credit Agricole Corporate and Investment Bank and is not listed,” the company said.
It said its arm has simultaneously executed amendments providing for extension of the outstanding notes into which it invested the proceeds of the bond issuance, which are linked to shares of the listed companies Eregli Demir Va Celik Fab T AS of Turkey and China Oriental Group Company Ltd, both of which are held by ArcelorMittal subsidiaries. ArcelorMittal is the world’s leading steel and mining company, with presence in 60 countries and an industrial footprint in 18 countries. In 2016, ArcelorMittal had revenues of $56.8 billion and crude steel production of 90.8 million tonnes, while own iron ore production stood at 55.2 million tonnes.