ArcelorMittal determines final price for its previously announced repurchases of Mandatorily Convertible Subordinated Notes
December 22 2021 - 4:50PM
ArcelorMittal determines final price for its previously announced
repurchases of Mandatorily Convertible Subordinated Notes
THIS ANNOUNCEMENT IS FOR INFORMATION ONLY
AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF OFFERS TO SELL
ANY SECURITIES.
22 December 2021,
22:50 CET
ArcelorMittal (the ‘Company’ or ‘ArcelorMittal’)
announced today that it has determined the final repurchase price
for its previously announced repurchases of certain of its 5.50%
Mandatorily Convertible Subordinated Notes due 2023 (the
‘Notes’).
As previously announced on 13 December 2021,
ArcelorMittal has entered into separate, privately negotiated
agreements to repurchase approximately US$395 million in aggregate
principal amount of the Notes. The price determination period in
respect of those repurchases has now been completed, and the
aggregate repurchase price that ArcelorMittal will pay for those
Notes will be US$1.196 billion. The transactions are expected to
close on 23 December 2021.
The repurchase of this aggregate principal
amount of Notes is equivalent to repurchasing approximately 36.6
million shares of ArcelorMittal common stock that would otherwise
be issuable at maturity under the Notes (at the minimum conversion
ratio). Pursuant to the purchase agreements the Notes will be
cancelled and therefore the repurchased Notes will not convert into
common shares of the Company.
Following completion (subject to customary
conditions) of the repurchases, approximately US$608 million
aggregate principal amount of the Notes will remain
outstanding.
This transaction is a further step in the
Company’s ongoing capital return program.
Citigroup Global Markets Inc. is acting as the
exclusive agent in connection with the transaction.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company,
with a presence in 60 countries and primary steelmaking facilities
in 17 countries. In 2020, ArcelorMittal had revenues of $53.3
billion and crude steel production of 71.5 million metric tonnes,
while iron ore production reached 58.0 million metric tonnes.
Our goal is to help build a better world with smarter steels.
Steels made using innovative processes which use less energy, emit
significantly less carbon and reduce costs. Steels that are
cleaner, stronger and reusable. Steels for electric vehicles and
renewable energy infrastructure that will support societies as they
transform through this century. With steel at our core, our
inventive people and an entrepreneurial culture at heart, we will
support the world in making that change. This is what we believe it
takes to be the steel company of the future.
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/.
Forward-Looking Statements
This document may contain forward-looking information and
statements about ArcelorMittal and its subsidiaries. These
statements include financial projections and estimates and their
underlying assumptions, statements regarding the expected closing
of the repurchases, statements regarding plans, objectives and
expectations with respect to future operations, products and
services, and statements regarding future performance.
Forward-looking statements may be identified by the words
“believe”, “expect”, “anticipate”, “target” or similar expressions.
Although ArcelorMittal’s management believes that the expectations
reflected in such forward-looking statements are reasonable,
investors and holders of ArcelorMittal’s securities are cautioned
that forward-looking information and statements are subject to
numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of ArcelorMittal, that
could cause actual results and developments to differ materially
and adversely from those expressed in, or implied or projected by,
the forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings
with the Luxembourg Stock Market Authority for the Financial
Markets (Commission de Surveillance du Secteur Financier) and the
United States Securities and Exchange Commission (the “SEC”) made
or to be made by ArcelorMittal, including ArcelorMittal’s latest
Annual Report on Form 20-F on file with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
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Contact
information ArcelorMittal Investor Relations |
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General |
+44 207 543
1128 |
Retail |
+44 203 214
2893 |
SRI |
+44 203 214
2801 |
Bonds/CreditE-mail |
+33 1 71 92
1026investor.relations@arcelormittal.com |
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Contact
information ArcelorMittal Corporate Communications |
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Paul
WeighTelE-mail: |
+44 20
3214 2419press@arcelormittal.com |
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