11 March 2016 – 7 for 10 Rights issue of 1,262,351,531 new shares at a subscription price of EUR 2.20 per new share
- Subscription price represents a 35.3% discount to the theoretical ex-rights price, based on the closing price of ArcelorMittal’s shares on Euronext Amsterdam on 10 March 2016
- Mittal family trust entities have committed to exercise their Rights for new shares pro rata to their current shareholding of 37.38%
- Record date for allocation of Rights is set at 14 March 2016 at 5:00 pm EST for shares traded on the New York Stock Exchange and the close of trading in each other market
- Rights will be credited to clearing systems and to the accounts of shareholders directly registered in the European share register and the New York share register on 15 March 2016. Mailing of certificates evidencing Rights directly registered in the New York rights register will begin on 15 March 2016.
Rights exercise periods run from 15 March 2016, until:- 5.00 pm EST on 29 March 2016 for Rights held via book entry in DTC or in the New York Rights register;
- 5.00 pm CET on 30 March 2016 for Rights held in the European clearing systems, other than for Rights traded on the Spanish stock exchanges and Rights held directly through the European Rights register, for which the deadline will be 12.00pm CET
ArcelorMittal SA (“ArcelorMittal” or the “Company”) announces the terms of its c.USD 3bn rights issue, the principle of which was announced on 5 February 2016 (the “Offering”), following the adoption of enabling resolutions by the Extraordinary General Meeting of shareholders on 10 March 2016. The Offering is underwritten by a syndicate of banks led by Goldman Sachs International, BofA Merrill Lynch and Crédit Agricole Corporate and Investment Bank acting as Joint Global Coordinators and Joint Bookrunners. Barclays, BNP Paribas, Citigroup, J.P. Morgan and Société Générale Corporate & Investment Banking are acting as Joint Bookrunners. ArcelorMittal intends to use the net proceeds from the exercise of Rights attributed in the Offering to reduce its indebtedness and to strengthen its balance sheet.
Mittal family trust entities have committed, subject to customary conditions, to exercise the Rights allocated to them based on their current shareholding of 37.38%.
The Company and the Mittal family trust entities have agreed with the Underwriters to a 180-day lock-up following the settlement of the Offering, subject to certain exceptions.
About ArcelorMittal
ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 19 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate. For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.
We are one of the world’s five largest producers of iron ore and metallurgical coal and our mining business is an essential part of our growth strategy. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.
In 2015, ArcelorMittal had revenues of US$63.6 billion and crude steel production of 92.5 million tonnes, while own iron ore production reached 62.8 million tonnes. 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 please visit: http://corporate.arcelormittal.com/