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ArcelorMittal Announces Change of Principal Borrowing Vehicle
06/19/2008 - ArcelorMittal announces that the principal borrowing vehicle of the Group will be ArcelorMittal, the ultimate holding company of the Group.
ArcelorMittal announced that the principal borrowing vehicle of the Group will be ArcelorMittal, the ultimate holding company of the Group.
In June 2007, ArcelorMittal announced that ArcelorMittal Finance (formerly named Arcelor Finance), a Luxembourg governed corporate partnership limited by shares (société en commandite par actions), had become the principal borrowing vehicle of the ArcelorMittal Group.
On May 27, 2008, ArcelorMittal completed the issuance of a US$ denominated issue of 5-year and 10-year bonds, consisting of US$3,000,000,000 aggregate principal amount split equally between the 5-year and the 10-year issue. This bond issue is governed by the laws of the United States.
Further to this bond issuance, ArcelorMittal has determined that the most appropriate borrowing vehicle of the Group should be ArcelorMittal. As a result, future bonds are expected to be issued by ArcelorMittal, the ultimate holding company of the Group.
Additionally, ArcelorMittal expects to transfer a substantial portion of the debt from ArcelorMittal Finance to ArcelorMittal. Bonds currently issued under the name of ArcelorMittal Finance are expected to remain outstanding until their final maturity date.
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company leads a number of major global markets and holds leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output.
